Tesla in India: Elon Musk’s EV company plans to set up battery storage factory in the country

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Tesla, under the leadership of Elon Musk, is reportedly in the process of formulating plans to manufacture and sell battery storage systems in India. According to reports, the company has submitted a proposal seeking incentives to establish a factory in the country.

As per Reuters, Tesla’s proposal revolves around bolstering India’s battery storage capabilities through its ‘Powerwall’ system.

This system is designed to store electricity generated from sources like solar panels or grids for later use, particularly during nighttime or periods of power shortages. Tesla has also requested various incentives for the establishment of its battery storage facility.

However, Indian officials have informed the company that these incentives might not be granted. Instead, the government has expressed its willingness to foster a fair business model by offering subsidies to consumers purchasing such products.

The Indian government is currently reviewing Tesla’s proposal, which marks another significant step in the company’s efforts to expand its presence in India.

Tesla has been engaged in discussions with Indian authorities about the establishment of a new electric vehicle manufacturing facility in the country, aimed at producing a car with an approximate price tag of $24,000. The Powerwall is part of Tesla’s broader plans for a multifaceted presence in India, extending beyond electric vehicles.

It’s worth noting that India’s electricity supply heavily relies on coal-based power generation. However, the country is actively striving to transition towards non-fossil fuel sources and aims to increase its power generation capacity to 500 GW by 2030.

The Powerwall, primarily designed for domestic and light commercial use, is a tall unit that can be installed in garages or outside of residences. If Tesla’s proposal materializes, the company might explore the development of larger-scale solutions catering to India’s industrial needs.

Currently, the Powerwall is priced at over $5,500 (approximately Rs 45,000) in California, with additional costs associated with solar panels. Indian officials have conveyed to Tesla the need to work on reducing the cost of their battery storage products, reflecting the importance of affordability in the Indian market.



from Firstpost India Latest News https://ift.tt/g2sznvY
Mehul Reuben Das

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