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CEO of SpaceX and Tesla, and owner of Twitter, Elon Musk, at the Viva Technology Conference at the Porte de Versailles exhibition center on June 16, 2023 in Paris, France.
Chesnot | Getty Images News | Getty Images
Tesla CEO Elon Musk says he’s “very excited about the future of India,” adding that it has “more promise than any large country in the world.”
“I am a fan of Modi,” Musk admitted Tuesday in a video interview posted on the prime minister. Narendra Modiresponsible YouTube page.
said the CEO of Tesla and SpaceX after a meeting in New York.
Modi and Musk last met in 2015 when the Indian prime minister visited Tesla’s factory in Fremont, California.
The Indian prime minister is making his first state visit to the United States, where he is expected to hold high-level talks with leaders and business executives on defense, technology and India’s role in the Indo-Pacific region.
He will be hosted by President Joe Biden at a White House dinner in Washington on Thursday, where Modi is expected to meet a slew of business leaders including Apple’s Tim Cook, Google’s Sundar Pichai and Microsoft’s Satya Nadella, according to Seema Modi of @CNBC.
Musk said Modi “really cares about India because he’s pushing us to make big investments in India, which is something we intend to do and we’re just trying to figure out the timing.”
investment in India
One analyst told CNBC that India holds great potential for Tesla.
“Every US company that has a subsidiary listed in India has seen higher growth and value creation in India,” said Nilesh Shah, Managing Director at Kotak Mahindra Asset Management.
“US investors will be assured that building a US-Indian partnership will be a real win-win situation for both countries,” he added.
Tesla’s CEO said the investments from Tesla are aimed at supporting sustainable power generation in India primarily through solar and wind power.
“India is great for solar. The amount of land that you actually need to generate enough electricity to power India is very small. I think it will probably be 1% or 2% of the land area in India, so it’s doable.”
Other areas of investment include stationary battery packs and electric vehicles.
Shah noted that “India will be a promising market for Tesla as its fate in China will be similar to that of other US automakers who have ended up defeating Chinese competitors.”
Musk also said he is keen to improve internet connectivity in India and hopes to bring SpaceX’s Starlink satellite internet service to the South Asian country.
This could be “incredibly beneficial for remote or rural villages where they may not have access to the internet or the internet is very expensive and slow,” Musk said.
Musk said Modi has invited him to visit India, and that could happen as soon as next year.
Modi’s visit to New York saw him cross paths with US astrophysicist Neil deGrasse Tyson, investor Ray Dalio and Grammy-winning Falguni Shah.
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