Tesla plans to buy $1.9 bln auto parts from India

By Nada Ali On Sep 14, 2023

Parts from a disassembled Tesla Inc. Model 3 electric vehicle. Photo Credit: Bloomberg

Tesla Inc. is planning to source between $1.7 and $1.9 billion in automotive components from India this year, compared to one billion dollars in 2022, according to a statement from the country’s Commerce and Industry Minister, on Wednesday.

Piyush Goyal, Minister of Commerce and Industry, made his remarks during an auto event in New Delhi, adding that “we’ll start enjoying the fruits of new technologies, innovation, and R&D coming into India.”

In June, Elon Musk, CEO of Electric car giant Tesla, announced that the company is looking to invest in India and establish its local presence in the Indian market “as soon as humanly possible.”