Overview

• Elon Musk's Tesla is planning to construct a $3 billion electric vehicle factory in India, aiming to capitalize on the country's growing EV market.
• Tesla's move comes as India offers incentives like reduced import tariffs for EVs from automakers investing in local manufacturing.
• The proposed factory could be located in Maharashtra, Gujarat, or Tamil Nadu, states with established automotive hubs.
• Tesla has begun producing right-hand drive cars in Germany for export to India, indicating an accelerated push into the Indian market.
• The investment is seen as a significant boost to Prime Minister Narendra Modi's efforts to enhance domestic manufacturing and reduce dependence on imports.