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State taking Centre’s help in bringing Tesla to Gujarat

Ahmedabad: Ahead of the Vibrant Gujarat Global Summit (VGGS) 2024, the state government is working hard to bring electric car giant  Tesla Sources said the central government is in talks with Tesla to bring it to India and the Gujarat government is taking support from the Centre to bring the project to Sanand-Bechraji region or Dholera.

 

They added that Tesla may join hands with Indian auto brands. Tesla Inc.’s chief Elon Musk met Prime Minister Narendra Modi in New York in June. The sources added, “Gujarat is one of the most industrialized states and an automobile. We are taking help from the central government to bring the Tesla project to Gujarat during VGGS 2024.” Top government sources said, “Talks with Tesla are at a nascent stage. We are trying to get this ambitious project to Gujarat which has emerged as an automobile hub.

 

Gujarat aims to contribute maximum in realizing the dream of making India a $5 trillion economy and projects like Tesla will play a significant role in it.” Gujarat may offer land to Tesla in the Sanand-Bechraji region where Tata Motors and Suzuki have their auto plants. The region has good connectivity with ports, facilitating exports. Sources further added that Dholera is also among the potential sites where Tesla could set up the plant, provided all goes well. Gujarat emerged as an automobile hub with the arrival of Tata Motors’ ambitious Nano plant and since then, the state has seen the arrival of auto companies like Ford Motors, whose plant was acquired by Tata Motors, and Suzuki. MG Motor also set up its only plant in India by acquiring General Motor’s Halol plant. We also published the following articles recently.


Elon Musk's wealth shrinks by $16 billion after Tesla results
Following Tesla Inc's disappointing third-quarter earnings report, Elon Musk experienced a $16.1 billion drop in his fortune, primarily due to the company's shares plummeting by 9.3%. Despite this, Musk's overall wealth has increased by over $70 billion in 2023. Tesla, facing challenges and competition in the electric vehicle industry, plans to release its Cybertrucks in November and remains committed to delivering new vehicles to 1.8 million customers by the end of the year. The company's stock has sustained an impressive 80% increase for the year, making it one of the top performers in the S&P 500 Index.

 

Toyota Motor, the world's largest automaker, has announced that it will adopt Tesla's electric-vehicle charging technology from 2025. This move puts Tesla's superchargers in a position to become the industry standard, as other automakers like Ford, General Motors, and Nissan have already adopted Tesla's North American Charging Standard (NACS).

 

Toyota will incorporate NACS ports into certain Toyota and Lexus battery-electric vehicles, and existing owners of Toyota and Lexus vehicles equipped with CCS will be offered access to an adapter for NACS charging from 2025. Tesla's Q3 results fell short of analyst expectations due to higher costs and price discounts. Sales reached $23.35 billion, below the forecasted $24.19 billion, and net profits were 66 cents per share instead of the expected 73 cents. Despite this, Tesla's stock valuation remains high compared to other US car makers.

 

The company reported a decline in auto-deliveries and production due to factory downtimes. However, Tesla confirmed its full-year volume target of 1.8 million vehicles and plans to release the Cybertruck by year-end. Musk remains optimistic about the future of autonomous driving and the potential of electric vehicles.

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