Shares of Tesla Inc. rose more than 2% on Tuesday after a media report said the US automaker was nearing a pact 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’s stock closed at $235.60.
An agreement between the Indian government and Tesla Inc. may soon be finalized that would allow the automaker to ship its electric cars to the country starting next year and set up a factory within two years, a news agency reported. Bloomberg.
Citing people familiar with the development, the report said an announcement could come at the Vibrant Gujarat Global Summit in January 2024.
According to the report, the states of Gujarat, Maharashtra and Tamil Nadu are being considered for Tesla to set up a plant.
In June, Tesla CEO Elon Musk said that Tesla plans to make a “significant investment” in India and he also intends 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 nearly double purchases of auto parts from India to $1.9 billion this year.
The electric carmaker sourced auto parts worth $1 billion from the country last year, Goyal said.
He visited Tesla’s factory in Fremont, California, earlier this month.
Earlier, 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 Nov 2023, 20:32 IST
(tagsTo Translate)Tesla