According to Reuters, Tesla could have calmed investor sentiment with an “upcoming announcement in India” after months of falling stock prices and massive layoffs around the world. During Tesla’s upcoming earnings call next Tuesday, Elon Musk is also likely to face tough questions from analysts about declining sales, intensifying competition from Chinese electric car manufacturers, and the fate of Tesla’s key future products.

Elon Musk is also expected to meet with executives from several space startups in New Delhi, the report said.

Summary of some incident background:

April 10: Multiple foreign media reported that Elon Musk plans to visit India during the week of April 22 to 28 to meet with Indian Prime Minister Narendra Modi. Tesla’s investment plan to build a factory in India will be announced during this period. The news was subsequently confirmed by Elon Musk himself.

April 15: Elon Musk announced via an all-staff email that Tesla would lay off 10% of its employees worldwide.

April 17: According to people familiar with the matter, Elon Musk will announce Tesla’s investment plan in India when he visits India next week, and is expected to invest US$2 billion to US$3 billion (Note: currently about 14.48 to 21.72 billion RMB), mainly used to build new factories.

April 18: Indian Finance Minister Sitharaman said in an interview with CNBC’s Network18 media today that Tesla’s intention to invest or build a factory in India will send a strong message to international investors, “India has favorable manufacturing industrial policies, a skilled young and middle-aged labor force and a huge market.” At the same time, it will also enhance India’s attractiveness as a “global manufacturing center”.

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Sitharaman said that young people in India have the qualifications and skills to work in manufacturing, and companies willing to set up factories in India “can get all facilities at preferential prices.” “If a large manufacturing giant expresses interest in producing in India, it will play a positive role in promoting the manufacturing environment in India. If high-tech companies come to India, it means that our policy is correct and overseas Exports are also in India’s interest.” After Elon Musk announced his visit to India, the stock prices of several local auto parts companies rose.

According to previous report, people familiar with the matter said that Elon Musk will announce Tesla’s investment plan in India when he visits India next week. It is expected to invest US$2 billion to US$3 billion (currently about 14.48 to 21.72 billion yuan), mainly for the construction of new factories. Elon Musk plans to visit India during the week of April 22 to 28 to meet with Indian Prime Minister Narendra Modi, which was confirmed by Elon Musk.

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According to sources, Elon Musk will meet with Indian Prime Minister Modi alone in India on April 22 and announce his car-making plans in India. Elon Musk will visit India accompanied by other executives.

Elon Musk later said on social media, “Looking forward to meeting Indian Prime Minister Modi.” He also confirmed the news. Elon Musk also said, “India should have electric vehicles like other countries, and offering Tesla electric vehicles in India is a natural thing.”

Analysts said that Tesla’s entry into India is mainly because the demand for electric vehicles in the United States and China is slowing down, and at the same time, competition in the Chinese electric vehicle market is intensifying. Tesla’s first-quarter deliveries fell and were lower than expected.

India announced a new electric vehicle policy last month that will reduce import taxes on certain models from 100% to 15% if it invests at least US$500 million to set up factories. Electric vehicles will account for only 2% of total car sales in India in 2023, but the government aims to increase this proportion to 30% by 2030.

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Reuters reported in August that India was formulating a new electric vehicle policy that would slash import taxes to as low as 15%, compared with the current 100% import tax on cars costing more than $40,000 and 70% on the rest. .

Indian media outlet ET reported, citing unnamed sources, that Tesla is willing to invest up to $500 million if the government approves tariff reductions on 12,000 vehicles, and up to $2 billion if tariff reductions on 30,000 vehicles are approved.

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“China Tesla Model 3”

It is reported that Tesla may consider three regions including Gujarat, Maharashtra or Tamil Nadu as factory site options. The reason is that the above three places already have relatively complete electric vehicle manufacturing and export systems. , among which, Gujarat is the hometown of Indian Prime Minister Narendra Modi.

We also learned that in addition to car manufacturing plants, Tesla is also considering producing batteries in India to achieve a closed-loop production, thereby reducing overall costs. However, at present, there is no definite answer to this news.

“The previously finalized Gigafactory in Mexico”

As the country with the largest population in the world, India’s electric vehicle market can be described as an attractive big cake. However, due to issues such as tariffs on imported electric vehicles and lack of infrastructure (charging piles), India’s electric vehicles only accounted for passenger use. Accounting for 1.3% of total car sales, Tesla has never successfully landed in India. However, as India and Tesla reach cooperation on tariffs, factory construction, etc., this situation may change in the future.

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If a deal is reached, Tesla may begin importing electric sedans to India next year. In addition, Tesla is also considering selecting locations to build factories in Gujarat, Maharashtra, and Tamil Nadu within two years.

Image source Pexels

An announcement is likely to be made at the Vibrant Gujarat Global Summit in January next year, a person familiar with the matter said.

Another source said Prime Minister Narendra Modi’s home states of Gujarat, Maharashtra and Tamil Nadu are being considered as they already have well-established EV and export ecosystems .

According to reports, Tesla’s Gigafactory’s initial minimum investment is approximately US$2 billion (Note: currently approximately RMB 14.34 billion), and it hopes to purchase up to US$15 billion in auto parts from India.

In addition, the company will also consider manufacturing some batteries in India to reduce costs. But after all, the two sides have not yet made a final decision, and there may be variables in all plans.

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People familiar with the matter said the Indian government is working on a policy that would allow international automakers to import electric cars at a favorable tax rate, provided the manufacturers commit to eventually building the cars in India.

Image source Pexels

Of course, the exact details of the policy are still under consideration, and India has yet to make a final decision. The information comes from people with knowledge of the regulations involved in the discussions, who have chosen to remain anonymous as the negotiations are currently under wraps.

In 2021, Tesla had asked for a reduction in import duties on electric vehicles. The company wants India to reduce the import duty on its vehicles from the existing 100 percent to 40 percent, though it depends on the import value of its vehicles.

Additionally, Tesla CEO Elon Musk is expected to meet with India’s Trade Minister Piyush Goyal later this week to discuss imports as well as building a factory. Goyal is currently in San Francisco for ministerial meetings related to the Indo-Pacific Economic Framework and APEC.

It is said that their discussions will focus on matters related to Tesla’s India factory, which will produce electric cars worth $24,000 (Note: currently about 175,000 RMB) for India. In addition, Tesla is also ready to purchase more parts in India as well as laying charging infrastructure across the country.

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Adding live TV hardware to the phone would add $30 to the cost, according to letters reviewed by Reuters. ATSC 3.0 (also known as NextGenTV) technology is popular in the United States and is used primarily in television sets to provide 4K resolution TV broadcast signals and the precise geolocation of TV signals. However, the Indian government hopes that this technology will also be used in mobile phones in the future.

Additionally, brands like Samsung believe that mandating phone support for ATSC 3.0 will impact their existing production plans. The Indian Cellular and Electronics Association (ICEA), a lobby group composed of mobile phone manufacturers such as Apple and Xiaomi, has opposed the government’s proposal in a letter on October 16, saying that no major global mobile phone brand supports ATSC 3.0.

In a letter to India’s communications ministry, Ericsson, Nokia, Qualcomm and Samsung said adding live TV functionality would also reduce phone battery life and cellular signal. In countries such as South Korea and the United States, live TV adoption on mobile phones is low because there are not enough devices to support the technology. However, the technology is widespread in Japan.

The proposal is currently under review by the Indian government and there is no firm timetable for implementation. In recent months, the Indian government has also put forward a requirement that all mobile phones sold in India be compatible with NavIC, the global positioning and navigation system independently developed by India. In another proposal, the government also wants to require all mobile phones to undergo security testing.

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“While the agenda of the meeting is focused on general policy issues, Tesla’s proposed investment plans in the country will receive fast-track approval by January 2024,” an Indian government official said.

According to Economic Times sources, the Prime Minister’s Office held a meeting with senior government officials to discuss policies, including import duties on electric vehicles. Discussions at Tesla’s India factory had stalled after the local government refused to reduce import duties on the electric car maker’s cars.

It was previously reported that Tesla representatives will meet with Indian Commerce Minister Goyal to discuss building a car factory to produce an electric car worth US$24,000 which may be the legendary Model Q.

Tesla has expressed interest in building a car factory in India to produce low-cost electric vehicles, people familiar with the matter said at the time. The model will be sold in the Indian market and will also be exported to other countries. If the news is true, the $24,000 electric car would be 25% cheaper than Tesla’s currently lowest-priced Model 3 model.

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Although Apple’s financial report did not mention the details of the Indian market revenue, according to regulatory documents submitted by Apple to the Registrar of Companies (RoC), Apple’s business revenue in India this year has been close to 50,000 billion rupees. This is another milestone created by Apple in India. A milestone.

Data show that Apple India’s sales in the 2022-23 fiscal year increased by 48% to 49,321 billion rupees (currently approximately RMB 43.353 billion); the company’s net profit also surged 76% to INR 2,229 billion.

RoC filings show that Apple India generates 94.6% of its revenue from product sales and the remaining 5.4% from after-sales maintenance and paid services. It is worth mentioning that Apple has yet to fully expand its services business in India, which accounts for about 30% of its total global sales.

The Economic Times pointed out that this is the fastest growth in Apple’s net profit in India in the past five years. Analysts attribute the growth to the rising sales share of new-generation devices, which offer higher profit margins. Additionally, component costs have fallen, contributing to a surge in profits.

Tarun Pathak, research director at mobile phone market tracker Counterpoint Research, predicts that Apple’s business in India will continue to grow in the coming years.

Tarun Pathak, research director at Counterpoint Research, predicts that Apple’s business in India will continue to grow in the coming years.

Mohit Yadav, founder of business intelligence firm Altlnfo, said the growth demonstrated Apple’s unlimited expansion potential. “Apple has demonstrated extraordinary financial prudence, reflected in its high percentage growth in revenue and profits, which demonstrates the company’s unlimited growth potential,” he said.

While the iPhone currently drives the majority of sales in India, Pathak believes other revenue streams, such as other products and services, will also contribute significantly in the near future. He further explained that the increase in profits can be attributed to the increased share of new-generation devices, as evidenced by the continued rise in iPhone average selling prices in India.

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