This story was first published on the Benzinga India portal.
Elon Musk, CEO of Tesla and SpaceX, congratulated Prime Minister-designate Narendra Modi on winning the 2024 general elections in India.
What Happened: On Friday, Musk took to social media platform X (formerly Twitter) to extend his good wishes to Modi, adding that he looks forward to his companies doing “exciting work” in the country.
The congratulatory message followed Modi’s Bharatiya Janata Party (BJP) emerging as the single largest political party, winning 240 out of the total 543 Lok Sabha seats. Although the BJP did not secure enough seats to reach the majority mark on its own, the NDA alliance is set to form the government with a total of 293 seats. The rival Indian National Congress secured 99 seats.
Speculations have been rife that Musk might establish the first Tesla plant in India in states such as Maharashtra, Gujarat, or Tamil Nadu. This potential $3 billion investment comes at a time when India has lowered its import taxes on certain electric vehicles for carmakers that commit to investing at least $500 million.
Earlier this year, Musk had planned a visit to India between April 20 and 22,but the trip was cancelled due to heavy obligations at Tesla. Musk expressed his intention to reschedule the visit later this year, indicating his continued interest in exploring opportunities in India.
If you’d like to stay ahead of the curve on the Indian market, sign up for our Ring The Bell newsletter by clicking here.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
