Tesla Motors Inc Palo Alto office will soon have an important visitor – Indian PM Narendra Modi, who most likely will be seeking answers to a problem that has been baffling those with Indian solar plans for a long time i.e. storage, says a report from Livemint. The visit could also help Tesla Motors to enter one of the world’s biggest markets.
India a potential market for Tesla Motors
As we all know, Solar energy is generated by the sun at daytime, but for using it at night storage is needed to keep power flowing. The fact that India gets solar radiation of 5 to 7kWh/m2 for 300 to 330 days in a year makes it fit for solar power. Modi’s team recently revealed a lofty solar power program, and a battery storage model for Indian conditions could prove to be a real game changer.
Tesla Motors Inc is getting set to offer the Powerwall, which is a rechargeable lithium-ion battery designed to store power for homes. India plans adding 100,000 MW of solar power by 2022 with 40,000 MW each from roof-top and distributed generation projects.
The cost involved with storage is a major problem. The new norm in India is Rs.5 per kWh tariff for solar electricity, but the Tesla Motors Powerwall is available to the installers at $3500 for 10kWh and $3000 for 7kWh excluding inverter and installation costs, says the report.
India presents a big potential for Tesla Motors Inc . Even though the country is the biggest greenhouse gas emitter after the US and China, the renewable energy accounts for only 13% of India’s installed power capacity of 2, 75912 MW, says the report.
Apple and India- give and take
Apart from visiting Tesla Motors, the Indian PM will also meet Apple CEO Tim Cook, says a report from the Economic Times. Modi will likely discuss the work of his govt., including the “Make in India” and “Digital India” with Cook.
Modi is expected to persuade Cook to invest in manufacturing and R&D in India. Citing a source familiar with the planned meeting, the report says Apple has already expressed its intention on exploring R&D activities in India.
On the other hand, Cook would likely seek approval for setting up Apple Stores in the country, and discuss the mandatory sourcing standards issue. As of now, Apple relies on third-party sellers in India as the govt. restrict company-owned stores until some of the components is sourced within the country
In pre-market trading on Monday, Tesla Motors shares were up 0.99% at $263.20. Year to date, the stock is up over 17% while in the last one-year, they are up 0.5%. Apple was up 0.56% in pre-market today. Year to date, the stock is up almost 1% while in the last one-year, they are up over 12%.