Tesla shares surge over 2% on report of possible pact with India to import EVs

Shares of Tesla Inc. rose. more than 2% on Tuesday after a media report said the US automaker is closing in on a deal with India to import its electric vehicles (EVs) to the country.

At 9:45 am GMT – November 21, Tesla shares were trading 2.30% higher at $241.02 on the Nasdaq.

The stock opened at $235.04.

On Monday, Tesla stock closed at $235.60.

Soon an agreement could be concluded between the Indian government and Tesla Inc. which would allow the automaker to ship its electric cars to the country from next year and set up a factory within two years, a report from the news agency said. Bloomberg.

Citing people familiar with the development, the report said an announcement could come at the Gujarat Vibrant World Summit in January 2024.

According to the report, the states of Gujarat, Maharashtra and Tamil Nadu are under consideration by Tesla to set up a plant.

In June, Tesla chief executive officer Elon Musk said that Tesla plans to make a “significant investment” in India and also planned to visit in 2024.

Currently, Tesla has factories in the United States, China and Germany.

In September, Union Commerce Minister Piyush Goyal said Tesla plans to double auto parts purchases from India to $1.9 billion this year.

​​​​​​​The electric car maker sourced auto parts worth $1 billion from the country last year, Goyal said.

He visited the Tesla plant in Fremont, California, earlier this month.

Previously, Elon Musk criticized India’s high import taxes and its EV policies.

On Wall Street, US stock indexes opened lower on Tuesday ahead of the Federal Reserve minutes.

The Dow Jones Industrial Average fell 46.20 points, or 0.13%, to 35,104.84.

The S&P 500 opened lower by 8.61 points, or 0.19%, at 4,538.77. The Nasdaq Composite fell 67.30 points, or 0.47%, to 14,217.23 at the opening bell.

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Updated: 21 November 2023, 08:32 PM IST

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