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India doesn’t block the import of Chinese EVs.
There is literally zero market for Tesla in any country that isn’t blocking or significantly tariffing Chinese EVs.
RT:
Elon Musk’s Tesla has put on hold its expansion plans in India, the world’s most populous nation, according to a Bloomberg report. Tesla executives reportedly haven’t made any further inquiries with New Delhi after Musk canceled a planned visit there, during which he was supposed to meet Indian Prime Minister Narendra Modi and announce major investments.
Bloomberg’s sources indicated that the Indian government understands Tesla is facing capital issues and doesn’t plan to pledge new investments in the country.
The development comes against the backdrop of Tesla reporting a second consecutive quarterly decline in vehicle deliveries. The company delivered 443,956 vehicles globally in the three months to June, down 4.7% from a year earlier.
Modi met Musk on the sidelines of the Indian PM’s US visit last year and encouraged him to invest in the Indian market. Musk promised that Tesla would enter India “as soon as humanly possible,” despite having previously complained about high tariff rates in the country.
Earlier this year, New Delhi approved a new policy to attract foreign EV makers, allowing import duty concessions for companies that set up a manufacturing unit with a minimum investment of $500 million. Previously, imported cars valued at over $40,000 incurred a 100% customs tax, while those under $40,000 faced a 70% import duty.
Following this policy change, reports emerged that a team from Tesla was scouting locations in India to set up a plant, preferably close to a port. Musk then said that he would be visiting India in April. At the time, Indian media reported that announcements were also expected concerning the entry into the market of two other Musk companies, Starlink and SpaceX.
However, the entrepreneur later postponed his visit due to “very heavy Tesla obligations” and instead visited Beijing. While China is Tesla’s biggest market after the US, accounting for 33% of the company’s car sales in 2023, it faces stiff competition there, given the size of the domestic EV industry.
I should note: India is one place in the world where EVs actually make sense, because breathing the air in Delhi for ten minutes is the equivalent of smoking 50 packs of cigarettes. The air is horrible.
People make fun of EVs for good reason, but if you have ultra-filthy air, they actually do make sense.
Also: a new car for under $10,000 always makes sense.
BYD is sometimes 30% or less of the cost of a Tesla, they’re much nicer, they look better.
No one is going to buy a Tesla when they can buy a BYD or one of China’s other EVs.
That race was lost like, 18 months ago. It’s totally over. This Cybertruck debacle is not really the nail in Tesla’s coffin, but it is symbolic of the nail in Tesla’s coffin.
He’s also probably going to get completely destroyed by the feds for killing all those people with fake self-driving cars (which he calls “full self-driving,” but which the fine print says “you can never take your hands off the wheel because this is not actually full self-driving”). BYD actually has FSD and they don’t charge extra money for it.
Elon still has military contracts.
Twitter is a disaster and he basically killed it by renaming it and then reneging on his free speech promise. Right now, it’s still the default platform, but I don’t think that is going to last much longer.
He had so many opportunities, and he just screwed all of them up. He’s really become a prime example of “how not to live your life.”
