Tuesday, July 16, 2024
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Elon Musk on investing in India, friendship with Narendra Modi

CEO of SpaceX and Tesla, and proprietor of Twitter, Elon Musk, on the Viva Know-how convention on the Porte de Versailles exhibition heart on June 16, 2023 in Paris, France.

Chesnot | Getty Photographs Information | Getty Photographs

Tesla CEO Elon Musk says he’s “extremely enthusiastic about the way forward for India,” including that it has “extra promise than any massive nation on this planet.”

“I’m a fan of Modi,” Musk admitted Tuesday in a video interview printed on Prime Minister Narendra Modi‘s official YouTube page. 

“He actually needs to do the suitable factor for India. He needs to be open, he needs to be supportive of recent firms, however on the identical time be sure that it accrues to India’s benefit,” mentioned the CEO of Tesla and SpaceX after their assembly in New York.

Modi and Musk final met in 2015 when the Indian prime minister visited Tesla’s Fremont Manufacturing facility in California. 

The Indian prime minister is on his first state visit to the U.S., the place he is anticipated to carry high-level talks with leaders and enterprise executives on protection, know-how and India’s position within the Indo-Pacific.

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President Joe Biden will probably be internet hosting him at a White Home dinner in Washington on Thursday, the place Modi is anticipated to fulfill a slew of enterprise leaders together with Apple‘s Tim Prepare dinner, Google‘s Sundar Pichai, Microsoft’s Satya Nadella.

Modi “actually cares about India as a result of he is pushing us to make important investments in India, which is one thing we intend to do and we’re simply making an attempt to determine the suitable timing,” Musk mentioned.

Investing in India

India holds nice potential for Tesla, one analyst informed CNBC.

“Each single U.S. firm which has a listed subsidiary in India has seen larger progress and worth creation in India,” Nilesh Shah, managing director at Kotak Mahindra Asset Administration, mentioned. 

“U.S. traders will probably be reassured that constructing a U.S.-India partnership will probably be a real win-win scenario for each international locations,” he added. 

Investments from Tesla would goal to help India’s sustainable vitality era primarily via photo voltaic and wind, mentioned the CEO of the EV maker. 

“India is nice for photo voltaic. The quantity of land space you really must generate sufficient electrical energy to energy India may be very small. I imagine it might be most likely 1% or 2% of the land space in India, so it is very doable.” 

Different areas of funding embrace stationary battery packs and electrical autos. 

“India will probably be a promising marketplace for Tesla as their destiny in China will probably be just like different American automotive producers who ended up being crushed by Chinese language opponents,” Shah highlighted. 

Musk additionally mentioned that he is eager on bettering India’s web connectivity and hopes to deliver SpaceX’s Starlink satellite tv for pc web service to the South Asian nation. 

This may be “extremely useful for distant or rural villages the place they maybe could don’t have any entry to [the] web or the web may be very costly and sluggish,” Musk mentioned. 

Musk mentioned Modi invited him to go to India, and it may occur as quickly as subsequent yr.

Modi’s go to to New York noticed him crossing paths with U.S. astrophysicist Neil deGrasse Tyson, investor Ray Dalio, and Grammy award winner Falguni Shah.

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