Skip to content
Search

Latest Stories

Elon Musk's Tesla to scout sites in India for £2.4 billion EV plant: Report

Tesla has told Indian officials it is considering building a smaller car in the proposed new factory than its current models.

Elon Musk's Tesla to scout sites in India for £2.4 billion EV plant: Report

Tesla will send a team from the United States to India by late April to study sites for a proposed $2 billion to $3 billion (£2.4bn) electric car plant in the country.

The Financial Times reported that Tesla would send a team to study sites for the plant, focusing on states with existing automotive hubs, including Maharashtra and Gujarat in the west and Tamil Nadu in the south.


The company's reported push into India comes at a time when electric vehicle (EV) demand is slowing in its main markets of the US and China while competition there is heating up, reported Reuters.

Tesla on Tuesday posted a decline in quarterly deliveries for the first time in nearly four years and missed Wall Street estimates. It also led to huge drop in shares of Musk's company, losing about $30 billion (£23.7bn) in market value, reported Reuters.

Musk, after meeting Prime Minister Narendra Modi last year had said he plans to visit India in 2024. “We don’t want to jump the gun on an announcement, but I think it’s quite likely that it will be a significant investment, a relationship with India,” he had said.

India has been pitching as an alternate destination for investment for US companies as the relations between Beijing and Washington have been deteriorating.

Tesla has told Indian officials it is considering building a smaller car in the proposed new factory than its current models, which would be priced at less than $30,000 (£23,675). It could then sell the model in India and export to south-east Asia, the Gulf, Africa, and southern and eastern Europe, reported the Financial Times.

Tesla is developing a cheaper vehicle, “Model 2”, to go on sale late next year, but has not yet said where the car will be manufactured.

India last month lowered import taxes on certain EVs produced by automakers that commit to invest at least $500 million and start domestic manufacturing within three years, reported Reuters.

According to Fortune Business Insights, the Indian electric vehicle market is projected to grow significantly, with estimates suggesting a compound annual growth rate (CAGR) of 66.52% from 2022 to 2029.

Earlier this year in January, Vietnamese electric vehicle (EV) maker VinFast signed an agreement to set up its first manufacturing facilities in India. VinFast and the state of Tamil Nadu agreed to work toward an investment of up to $2 billion, with an intended commitment of $500 million for the first five years of the project, reported PTI.

More For You

UK financial watchdog opens first offices in US and Asia

The international expansion forms part of the FCA's new strategy (Photo: Reuters)

UK financial watchdog opens first offices in US and Asia

BRITAIN's Financial Conduct Authority (FCA) has established its first-ever international presence with new offices in the US and Asia-Pacific region, the watchdog announced on Tuesday (15).

Former investment banker Tash Miah began working at the British Embassy in Washington DC in April. In her role, Miah will collaborate with the Department for Business and Trade to improve UK-US financial services policy and help American firms navigate British regulations.

Keep ReadingShow less
UK Inflation

The Consumer Prices Index (CPI) stood at 2.6 per cent in March, down from 2.8 per cent in February, the Office for National Statistics (ONS) said.

Getty

UK inflation eases to 2.6 per cent ahead of US tariff impact

THE UK’s annual inflation rate dropped more than expected in March, according to official figures released on Wednesday. The latest numbers come as US president Donald Trump’s new tariffs add to global economic uncertainty.

The Consumer Prices Index (CPI) stood at 2.6 per cent in March, down from 2.8 per cent in February, the Office for National Statistics (ONS) said. Analysts had expected a decline to 2.7 per cent. The rate was 3.0 per cent in January.

Keep ReadingShow less
Bestway-wholesale

Bestway launches Easter campaign with 200 deals and new product reveals

BESTWAY Wholesale has launched a four-week Easter campaign offering nearly 200 promotional deals across categories both in depots and online.

The campaign includes branded displays with spring-themed packaging and features new product launches from Red Bull’s Peach Summer Edition and Pepsi’s Strawberry and Cream flavour, which Bestway says will be seen first at its outlets.

Keep ReadingShow less
What UK TV licence changes could mean for Netflix and Prime Video users

The current funding structure relies heavily on the TV Licence fee, but this model is under review

iStock

What UK TV licence changes could mean for Netflix and Prime Video users

The TV Licence fee in the UK has recently increased, and future changes to the system may also affect people who watch content solely through streaming platforms like Netflix, Amazon Prime Video, or Disney+.

As of now, UK residents are required to pay the TV Licence fee if they watch live television or use BBC iPlayer. The fee rose by £5 on 1 April 2025, increasing from £169.50 to £174.50 per year. This equates to approximately £14.54 per month. Those who watch only on-demand content via streaming services remain exempt from paying the fee under current rules.

Keep ReadingShow less
joy-saini

Dr Joy Saini, according to the website of Boston Pelvic Health & Wellness, a centre founded by Saini, she was a 'highly experienced and respected urogynecologist and reconstructive pelvic surgeon'.

getty image

Asian doctor, family die in New York plane crash

AN INDIA-BORN doctor and her family were killed in a plane crash in upstate New York while they were on their way to the Catskills Mountains for a birthday celebration.

Dr Joy Saini, a urogynecologist, her husband Dr Michael Groff, a neuroscientist, their daughter Karenna Groff, a former MIT soccer player and 2022 NCAA woman of the year, and their son Jared Groff, a paralegal, were among those killed when the twin-engine plane crashed, according to media reports.

Keep ReadingShow less