Tesla eyes producing 500K vehicles a year locally in India
JasonDoiy
Tesla (NASDAQ:TSLA) is reported to be in advance discussions with the Indian government about an investment proposal to set up a factory with an annual capacity to produce about half a million electric vehicles.
A source told The Times of India that Tesla (TSLA) has come back to the government for discussions, and there is confidence that the movement will be positive this time around, especially as it involves both local manufacturing and exports. Elon Musk said late in June that he was confident the electric vehicle maker would be in India, although the timing was uncertain. There is no official indication yet that Tesla (TSLA) has secured special incentives to also import vehicles into India at a lowered import tax if it builds a local plant.
Tesla (TSLA) is expected to price the vehicles built in India at 2M rupees ($24.5K), which is quite a bit above the average selling price of a vehicle in India.
Shares of Tesla (TSLA) tracked 0.81% higher in premarket action on Thursday to $274.20, with earnings less than a week away. 21 of the last 23 EPS revisions on Tesla (TSLA) from analysts have been to the downward side. The Austin-based company has beat the consensus EPS mark in nine of the last ten quarters. Tesla (TSLA) already reported that it delivered 466,140 electric vehicles in the second quarter to easily beat estimates of around 445,000 units. The company produced 479,700 vehicles in the same period.
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