Elon Musk Postpones India Trip, Prompting Questions Over Tesla Plans

Musk has said Tesla is likely to need roughly a dozen factories to meet its production goals. Tesla currently makes vehicles in the U.S., China and Germany. The company has invested heavily in China, where it faces stiff competition from domestic electric-car makers, most notably China’s BYD.

The EV maker has been cutting prices to spur demand and focusing on developing autonomous cars. Analysts have said a low-cost vehicle is a key to the company’s near-term business prospects.

Given India’s labor costs, a factory there would be able to produce a significantly lower-priced EV car both for domestic sales and for export.

About 95,000 electric cars and SUVs were sold in India in 2023, about 2% of total car and SUV sales, according to Counterpoint Research...Read More