Tesla in India is getting serious…again

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Tesla in India is getting serious, yet again, after the government has reportedly discussed a roadmap report from the electric vehicle maker as negotiations for the company’s arrival in the country seem somewhat imminent.

Indian government officials have already asked Tesla if it is serious about setting up a manufacturing plant in the country, it is willing to “offer import concessions on the components required for the same,” the Financial Express reported.

Tesla will eventually have to manufacture the components locally, as it favors domestic manufacturing and will not necessarily be able to import vehicle components from China or other countries.

“The government is willing to give time for setting up a domestic vendor base, but Tesla will have to indicate a period by which the duty concessions on components granted to it will come to an end,” officials reportedly told the publication.

India did the same for Apple, and it seems Tesla is finally getting some movement on the terms it laid out for an Indian factory.

The two parties have been working on an agreement for years, but now it seems the game of chicken to see who would budge first is coming to a close.

India has long favored domestic manufacturing as part of its “Make in India” campaign, which has been geared toward boosting the country’s economy. Tesla, on the other hand, has pushed to test demand by importing vehicles from China, a strategy that does not align with “Make in India,” and government officials have not been keen on supporting.

But the terms are undoubtedly moving forward, especially as recent developments have shown Tesla is looking to move forward and is reportedly “serious” about building a manufacturing plant in India, according to Rajeev Chandrasekhar, India’s Minister of State for Skill Development and Entrepreneurship.

Tesla ‘serious’ about India factory, but what has changed remains unclear

Officials said a fixed timeline for localization is already set, and once Tesla agrees to build a plant, the government may come out with a modified production-linked incentive (PLI) scheme.

Tesla is also no longer pressing for lower import duties, so both sides are moving forward to make a deal happen.

CEO Elon Musk noted in May that the company will likely announce a new Gigafactory location by year’s end, and India is absolutely appealing for the potential site.

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Tesla in India is getting serious…again

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Tesla’s Elon Musk becomes world’s wealthiest by net worth again

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Tesla CEO Elon Musk has retaken his place as the world’s wealthiest person by net worth. The feat was achieved as Musk was wrapping up a busy two-day trip to China, which saw the CEO meeting with several high-profile officials and suppliers over the course of two days.

As per the Bloomberg Billionaires Index, Musk’s net worth has reached $192 billion, allowing him to edge out luxury goods tycoon Bernard Arnault. For context, Arnault, the chairman of LVMG Moet Hennessy Louis Vuitton, is currently listed with a total net worth of $187 billion. 

While Musk’s net worth and rankings among the world’s wealthiest took a notable dive last year, his fortunes did see a rebound this year. A good portion of Musk’s net worth is tied to his personal stake in electric vehicle maker Tesla. And while Tesla showed growth last year, Covid-related challenges in China and Musk’s acquisition of Twitter put pressure on TSLA stock. 

This ultimately resulted in Musk losing his title as the world’s wealthiest person by net worth to Arnault in December 2022. But while 2022 was a bad year for TSLA, the electric vehicle maker’s shares saw a sharp rebound this year, especially following substantial price cuts to its vehicle lineup. Tesla’s price cuts paved the way for record deliveries, and TSLA shares rose as a result. 

Since Musk’s fortune is heavily tied to Tesla, Musk’s net worth also saw massive growth this year. As per Bloomberg‘s estimates, Musk’s net worth appears to have seen a growth of $55.3 billion year to date. Tesla shares, for their part, have seen an impressive 88.65% growth year to date. 

Provided that Tesla does not experience considerable difficulties this year, Musk’s net worth would likely see a rise this year. Despite being the world’s wealthiest again, after all, Musk’s present net worth of $192 billion is still a far cry from its peak of over $300 billion, which was achieved in late 2021. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Tesla’s Elon Musk becomes world’s wealthiest by net worth again

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Tesla and BYD are completely dominating the EV sector — and Japanese carmakers are lagging behind

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The International Council on Clean Transportation (ICCT) recently published a new report, The Global Automaker Rating 2022, which highlights the leaders, transitioners, and laggards in the electric vehicle market. Based on the firm’s study, Tesla and Chinese competitor BYD are currently at the front of the pack, while Japanese carmakers are lagging far behind. 

The report ranks the world’s Top 20 light-duty vehicle manufacturers based on their transition to electric cars. The study also takes into account each carmaker’s market share, technology, and strategic vision. Considering that Tesla is a pure electric car maker, it is no wonder that the company is at the forefront of the rankings. BYD’s strong sales of new energy vehicles in China also allow the carmaker to rank well in the ICCT’s list. 

Tesla and BYD dominated the ICCT’s rankings, especially with regard to market share and strategic vision. So far, Tesla stands at the top of the rankings on technology, though some veteran carmakers such as BMW are gaining ground. Tesla also received stellar scores in other criteria such as range, efficiency, and charging speeds. 

Credit: International Council on Clean Transportation (ICCT)

In the middle of the pack in the ICCT’s global automaker rankings for the past year are veteran carmakers such as Ford and General Motors. European carmakers such as BMW, Renault, and Mercedes-Benz are listed as “transitioners” in the list. At the bottom are mostly Japanese automakers, which were dubbed as the “laggards” in the EV sector. 

Among the six carmakers that were listed as the laggards in the EV race, five were Japanese automakers. These included Toyota, Honda, Nissan, Mazda, and Suzuki, all of which earned subpar scores in market dominance, technology performance, and strategic vision. The carmakers’ disappointing scores in strategic vision are quite unfortunate, as the metric ranks companies based on ZEV targets, ZEV investment, and executive compensation alignment, as noted in a report from The Driven. 

Tesla is already at 100% ZEV today, but veteran carmakers like Renault, GM, Ford, and Mercedes-Benz have all expressed their intent to reach 100% electric vehicle sales by around 2035. Interestingly enough, Toyota, the world’s largest automaker today by volume, also had one of the lowest ZEV targets, with the company just aiming to reach 32% by 2030. 

“The ZEV target metric evaluates the ambition of a manufacturer in transitioning to a 100% ZEV fleet to be on pace with the Paris Agreement timeline. An ambitious target can demonstrate a manufacturer’s determination to decarbonize its vehicle fleet. In contrast, a manufacturer without a target, or with a weak ICEV phase-out target, is considered less likely to invest in the ZEV transition in the near term,” the ICCT noted. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Tesla and BYD are completely dominating the EV sector — and Japanese carmakers are lagging behind

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