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Tesla has held talks with officials from India, Indonesia and South Korea about manufacturing investments, according to reports.
Sean Gallup / Getty Images
Tesla is set to choose another factory site by the end of this year, according to CEO Elon Musk. India looks like one of the most likely options, potentially marking a defining moment in the country’s role in diversifying supply chains away from China.
India was an interesting option but didn’t stick anywhere, Musk said, speaking in an interview at the Wall Street Journal’s CEO Council summit on Tuesday.
Tesla
(Stock ticker: TSLA), the electric car maker, currently operates plants in the United States, Germany and China, and has already confirmed plans for a fifth vehicle assembly site in Mexico.
India has been a popular choice for big tech companies looking to add manufacturing sites outside of China.
apple
(AAPL) ramps up production of its devices in India.
Officials in India have held talks with Tesla in recent weeks about manufacturing incentives despite disagreements over the country’s import taxes on cars, according to Reuters.
Other countries previously mentioned as candidates for Tesla’s new location include Indonesia and South Korea.
Tesla shares fell 0.8% in pre-market trading on Wednesday. The stock fell 1.6% on Tuesday, ending a five-session winning streak.
Write to Adam Clark at [email protected]
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