Tesla (TSLA) Tesla 'serious' about establishing presence in India says Minister

During an interview with Reuters on Friday, the Deputy Minister for Technology of India said that Tesla Inc. (NASDAQ: TSLA), the electric automaker, is "serious" about plans to establishing a manufacturing presence in the country. This week, Tesla engaged in discussions with Indian officials, covering multiple subjects such as incentives for car and battery manufacturing, as the company explores opportunities to enter the Indian market.

"They are very seriously looking at India as a production and innovation base," Rajeev Chandrasekhar said in the first public comment by an Indian government official on the talks.

"We have signaled to them that the government of India is working together and will certainly make whatever ambitions they have or investment objective they have in India a success," said Chandrasekhar, a high-ranking official in Prime Minister Narendra Modi's administration.

When asked if talks with Tesla included more than just making vehicles, Chandrasekhar said "you don't talk about cars alone" when such discussions take place.

"You talk about cars, you talk about energy, you talk about manufacturing technology. So all of that figures in the conversation. What they will want to do in India, it's too far for me to tell and it's not for me to say," he added.

Outside the United States, Tesla has a plant in Shanghai - its largest factory worldwide - and one in Brandenburg, Germany.

Shares of TSLA are up 0.24% in pre-market trading on Friday.

By Michael Elkins | [email protected]

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