Tesla CEO Elon Musk told India’s Prime Minister Narendra Modi this week that the EV maker will expand into the country which offers U.S. corporations a massive growth opportunity.
"I am confident that Tesla will be in India and will do so as soon as humanly possible" Musk said according to Reuters.
Musk, who will make a trip to India next year, met with Modi in New York on Tuesday also added the Modi has been pushing the automaker for a "significant" investment in the country.
Indian Prime Minister Narendra Modi (R) meets with Elon Musk (L) in New York, United States on June 20, 2023. ( Photo by Indian Press Information Bureau (PIB) / Handout/Anadolu Agency via Getty Images)
Musk said India has tremendous potential for sustainable energy production, beginning with solar and wind energy generation.
The two celebrated their meeting in a Tweet back-and-forth.
Over the last month, Tesla shares have skyrocketed roughly 50% as the company mulls a new location in Europe, and Hyundai considers following Ford and GM in adopting the car manufacturer’s North American charging standard for EVs.
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India has been a focus for U.S. company expansion since Apple began manufacturing the iPhone in the country back in 2017.
In April, the technology giant opened its first Apple Store locations in Mumbai and Delhi, along with new environmental initiatives and a key milestone in the rapidly growing community of Indian developers.
CEO Tim Cook was on hand for the debuts celebrating alongside employees.
Apple CEO Tim Cook, center, with Senior Vice president of retail Deirdre O'Brien wave to the dozens of people waiting outside during the grand opening Apple Inc. first flagship store in Mumbai, India, Tuesday, April 18, 2023. Apple Inc. is set to ope ((AP Photo/Rafiq Maqbool) / AP Newsroom)
Apple shares have gained 41% this year, outpacing the Nasdaq Composite's 29% jump.
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Reuters contributed to the report.