SpaceX and Tesla CEO and owner of Twitter, Elon Musk, at the Viva Technology conference at the Porte de Versailles exhibition center on June 16, 2023 in Paris, France.
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Tesla CEO Elon Musk says he’s “extremely excited about India’s future,” adding that the country has “more promise than any major country in the world.”
“I’m a fan of Modi,” Musk admitted Tuesday in a video interview posted on Prime Narendra ModiOfficial ‘s YouTube page.
“He really wants to do the right thing for India. He wants to be open, he wants to support new companies, but at the same time make sure that it benefits India,” the Tesla CEO said. and SpaceX said after the meeting. meeting in New York.
Modi and Musk last met in 2015 when the Indian prime minister visited Tesla’s Fremont factory in California.
First Prime Minister of India State visit to the United Stateswhere he is expected to hold high-level talks with business leaders and executives on defense, technology and India’s role in the Indo-Pacific.
President Joe Biden will receive him at a White House dinner in Washington on Thursday, where Mr. Modi is expected to meet a range of business leaders including Appleby Tim Cook, Googleby Sundar Pichai, Satya Nadella of Microsoft.
Mr. Modi “is really interested in India because he is pushing us to invest significantly in India, that’s what we intend to do and we are just trying to find the right timing”. Musk said.
Invest in India
India holds great potential for Tesla, one analyst told CNBC.
“Every US company with a listed subsidiary in India has experienced higher growth and value creation than in India,” said Nilesh Shah, chief executive officer of Kotak Mahindra Asset Management.
“American investors will rest assured that building the US-India partnership will be a real win-win situation for both countries,” he added.
The EV maker’s CEO said the investments from Tesla will aim to support India’s sustainable energy production primarily through solar and wind power.
“India is a great place to get solar. The amount of land you really need to generate enough electricity to power India is very small. I believe it could be 1% or 2. % of land in India, so that’s very possible.”
Other areas of investment include stationary battery packs and electric vehicles.
“India will be a promising market for Tesla as its fate in China will be similar to that of other US automakers that have been defeated by Chinese rivals,” emphasized Shah.
Musk also said that he is very interested in improving India’s internet connection and hopes to bring SpaceX’s Starlink satellite internet service to the South Asian country.
This can be “extremely useful for remote or rural villages where they may not have access to [the] internet or internet is expensive and slow,” Musk said.
Musk said Modi invited him to visit India and that could happen as soon as next year.
Modi’s visit to New York saw him meet American astrophysicist Neil deGrasse Tyson, investor Ray Dalio and Grammy Award winner Falguni Shah.
