American producer of electric vehicles, Tesla Motors Inc , has reportedly been offered land to build factories on near major ports in India. An article recently published on The Times of India announced these latest developments.
Indian Transport Minster Wants Partnership with Tesla Motors Inc (TSLA)
Tesla Motors Inc said that India is a sizable market for their new, lost cost EV, the Model 3, which was unveiled on the 31/03/2016. In a visit to a Tesla facility in the U.S., the transport minister of India, Nitin Gadkari, attempted to promote ventures between Tesla & Indian car manufacturers.
The article also stated that Nitin offered Tesla land near India’s major ports for a factory, reading “In his interaction with senior company officials, Gadkari proposed to the Tesla senior executives to make India their Asia manufacturing hub and offered land near major Indian ports to facilitate export of their vehicles to South and South East Asian countries.”
Tesla’s lithium-ion battery Gigafactory, based in Nevada, will open on the 31/07/2016, & 12 Model 3 reservationists have been given “golden tickets”, inviting them to the opening. A few weeks ago, it was reported that Tesla would be building a major production facility in China, as part of a joint venture worth around $9 billion.
India Offers Incentives for Tesla Motors Inc’s EVs
Nitin said that “The Indian government is committed to encouraging alternate pollution-free transport in the country by providing incentives to bio-fuel, CNG, ethanol and electric vehicles.” India’s major cities are highly polluted, & it seems that the Indian government will heavily encourage eco-friendlier means of transport in the future.
The stock markets are currently closed for the weekend, and after trading on the 15/07/2016, a share in Tesla Motors Inc is worth $220.40, giving the firm a market capitalization of $32.01 billion. CEO of Tesla, Elon Musk, has previously said that his company could have a market cap of around $700 billion in 2025.