Tesla (NASDAQ:TSLA) is reportedly looking to enter the Indian market with a new EV factory. According to a source with direct knowledge of the matter, the new plant will produce cars for both domestic sales and export. Tesla’s senior leadership is visiting the country this week to discuss local sourcing of parts and other issues with the government.
The company is not discussing the potential lowering of the country’s import tariffs on electric vehicles, suggesting they do not plan to sell foreign-built cars in the country. Last May, Tesla put on hold its plan to enter the country due to the high import taxes.
If confirmed, the new factory will become the latest addition to Tesla’s growing global footprint. In late February, the company announced plans to build a $5B plant in Monterrey, Mexico, followed by rumors in April of a new “Megapack” battery-manufacturing facility in Shanghai, China.
Shares of TSLA are trading up 1.3% in pre-market on Wednesday, adding to a nearly 55% gain YTD.