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Tesla Plant: After the new EV policy of the government, the way has been cleared for Tesla to enter the Indian market. It is believed that the company will enter the Indian market with some affordable electric cars by the end of this year. Meanwhile, the company is also working on setting up its own plant in India. Now Tesla has said it will use its existing plants to build new and affordable e-vehicles later this year. In such a situation, the possibility of the company investing in new plants in Mexico and India in future has reduced.
Shares rise even if the target is not achieved
The company said it plans to increase its current launch capacity of about 3 million vehicles by 50% by 2023, before investing in new manufacturing lines. The company said that with this the cost will be reduced compared to before. Investors investing in the plant have also expressed happiness over the decision not to take the risk of making new models in new factories. The company's financial target was not achieved in this quarterly results. Still, Tesla shares rose as much as 12%.
Plans to launch Model 2 canceled
“I think it is a positive step to embrace new challenges in the market and produce cheaper products in our existing facilities,” said Eliot Johnson, chief investment officer of Evolve ETFs. However, the company is not moving forward with its plan. A report says that Tesla has canceled plans to launch its affordable electric car Model 2. Which Tesla had planned to build in Texas, Mexico and a third country. It was expected that the Model 2 would cost $25,000. However, on this report, Elon Musk wrote on social media that it is wrong.
New vehicles will be manufactured from the old plant
Musk said in January that Tesla aims to introduce a new low-cost model in the 2025 semiannual period. This model will use 'revolutionary manufacturing technology' that will pave the way for Tesla. Now Tesla engineering chief Lars Moravy said the new manufacturing process and production line comes with some risks. In such a situation, the company has made 'major changes' in its plant to improve the low-cost vehicle.
Presently silence on BJP's plan
It was expected that Musk would meet Indian Prime Minister Narendra Modi on Monday. They will announce a major investment in an auto factory to produce a small and affordable model. But Elon Musk has postponed his visit to India due to unknown reasons. Musk said last year that Tesla would build its plant in Mexico, but the decision on when the plant would be ready would depend on the economy and interest rates. Tesla is currently silent on its plans in Mexico and India.