TESLA IN INDIA
Eternal Q4 earnings: Blinkit losses bite into Zomato’s profits
Zomato parent Eternal reported a drop in its net profit due to increasing losses in Blinkit, even as food delivery growth continued to be subdued. This and more in today’s ETtech Top 5.
Tesla strengthens India presence with new office near Mumbai’s BKC
Tesla Inc. is deepening its India plans by leasing a 30-seater private office space in Mumbai's Kurla area, near the Bandra-Kurla Complex business district, for ?3 lakh per month. This move follows Prime Minister Modi's meeting with Elon Musk and indicates Tesla's accelerated approach to entering the Indian EV market, supporting local hiring and regulatory coordination.
Your own Harley, finally? Rising hope of zero duty on big American beasts hogs limelight, hypes up Indian aficionados
India is considering extending duty-free import opportunities for specific US vehicles, including high-capacity motorcycles, contingent on a favourable trade agreement. These benefits, however, might be subject to quotas, limiting the number of units eligible for duty reductions.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Tesla refunds early India bookings signaling entry is near
Tesla is refunding Model 3 reservation fees in India, signaling a potential shift in its market entry strategy after years of high import duty hurdles. Elon Musk's planned visit to India coincides with trade negotiations that could lower automobile tariffs.
A congested road for Tesla as ambitious rival drives into India
Tesla's long-awaited entry into India's burgeoning EV market faces stiff competition from VinFast and other established players like Tata Motors and Mahindra & Mahindra. While Tesla delayed its entry, rivals have already gained a foothold in the rapidly expanding market.
Change on cards for EV manufacturing policy
India is considering modifying its electric car manufacturing policy (SPMEPCI) to accommodate potentially lower import tariffs under a future India-US trade agreement. The scheme, designed to attract EV investments with discounted import duties, faces uncertainty due to pressure from the US to reduce tariffs. Lowering import duties could necessitate adjustments to SPMEPCI to maintain its attractiveness for manufacturers.
Tesla rival VinFast plans to open India plant by end of June
VinFast, the Vietnamese electric vehicle manufacturer, is shifting its focus to Asia due to slow progress in the United States and high logistics costs in America and Europe. The company plans to open a car assembly plant in India by the end of June and another in Indonesia in October.
Elon Musk's Tesla calls India a 'hot market' but says 100% car tariffs is making customers 'anxious'
Tesla is worried about India's high import taxes on cars. These taxes make Tesla cars twice as expensive, concerning potential buyers. Vaibhav Taneja mentioned India as a 'very hot market'. Tesla is carefully considering the right time to enter India. Elon Musk plans to visit India to discuss technology and innovation. Previous plans for a $2-3 billion investment were cancelled.
Elon Musk's no-show and why India should consider betting on BYD for its EV future
After Elon Musk's abrupt cancellation of his India trip to prioritize a deal in China, India is urged to diversify its EV strategy. The article suggests embracing BYD, a leading Chinese EV manufacturer, to boost India's EV ambitions and address the trade deficit with China.
US Stock Market Today: Market rallies as Dow jumps 810 points, S&P 500 gains 109 points, Nasdaq surges 2.4% amid Tesla rebound, Trump-Fed tensions, and defense stock losses
US Stock Market Today: Dow rallies 810 points as Wall Street shakes off Monday’s massive sell-off, regaining ground amid Trump’s escalating attacks on Fed Chair Jerome Powell. The stock market rebound was led by strong earnings from 3M, gains in Tesla, Netflix, Meta, and easing global trade fears. Meanwhile, defense stocks like RTX and Northrop Grumman tumbled on tariff concerns. Investors remain cautious as Powell stands firm against pressure to cut rates. With Tesla and major tech earnings ahead, uncertainty still lingers.
Elon Musk reacts as X becomes top news app in India
This development comes as Elon Musk’s interest in India seems to be gaining momentum. After discussions with Prime Minister Narendra Modi, the Tesla boss hinted at an upcoming visit to the country.
Elon Musk’s mother Maye visits Siddhivinayak Mandir with Jacqueline Fernandez
Jacqueline Fernandez was seen at Mumbai's Siddhivinayak Temple, offering prayers alongside Maye Musk, Elon Musk's mother. This public appearance marks one of Jacqueline's first since her mother's passing. Maye Musk, currently in India for her book launch and having celebrated her 77th birthday, received flowers from her son, Elon, to commemorate the special occasion.
Tesla nachos can do with India's chip dip
India's burgeoning semiconductor industry, fueled by government incentives and foreign investment, presents an opportune moment for Tesla to diversify its chip supply chain. A partnership could accelerate India's chip production, aiding Tesla's entry into the Indian EV market and supporting global supply chain resilience. This collaboration aligns with India's climate goals and strengthens Indo-US trade relations through strategic investments.
ETtech Explainer: How a Modi-Musk meeting supercharged Tesla’s India plans
Tesla’s India entry has accelerated since PM Modi’s meeting with Elon Musk, with the company ramping up recruitment and securing site for a showroom space in Maharashtra. Policy changes lowering EV import duties and ongoing talks with local suppliers signal Tesla’s intent to localise production and supply chains in India
Elon Musk's mother turns 77 in Mumbai. She was once a model. Who is Maye Musk?
Maye Musk celebrated her 77th birthday in Mumbai, receiving flowers from her son, Elon Musk, who also shared a loving message. Her children traditionally organize grand celebrations every five years. Maye acknowledged PM Modi's post about discussing tech collaborations with Elon, highlighting Tesla and Starlink's potential ventures in India.
Tesla shopping for Indian partners; Investor heat on BluSmart
Happy Monday! Tesla wants to broaden its supply chain and source semiconductor chips in India amid the global trade war. This and more in today’s ETtech Morning Dispatch.
Tesla wants India to chip in with integral parts supply
Electric vehicle giant Tesla is in talks with US chipmaker Micron and Indian firm CG Semi to source semiconductor components. This follows a strategic deal with Tata Electronics to procure chips for its global operations.
Elon Musk makes big announcement of visiting India after call with PM Modi
Elon Musk expressed his gratitude for the opportunity to speak with Indian Prime Minister Narendra Modi, highlighting the growing collaboration between India and his companies. They discussed technology and innovation, building upon previous discussions held in Washington D.C. Musk anticipates visiting India later this year, signaling further engagement.
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