Elon Musk is Interested to Build Tesla Factory in India for Electric Cars

Newstoday: Where Pakistan is suffering from staggering inflation, and import restrictions have restrained Pakistan's auto industry from flourishing, Tesla is ready to open its car industry in India. According to Reuters, Tesla has suggested establishing an EV manufacturing factory in India to produce electric vehicles for domestic and foreign markets. Previously, the Indian government denied Tesla's request to reduce the import duty on automobiles, which its CEO Elon Musk considered the highest in the world. India has asked Tesla to supply domestically manufactured vehicles to the Indian market. While the corporation was eager to test the market before establishing a facility. The negotiations, however, ended in a stalemate. The latest development comes a year after the corporation postponed the plan due to a failure to achieve a reduction in automobile import rates. In private meetings with Indian officials, Tesla did not propose cutting import tariffs. Narendra Modi wants to get foreign attractions in India with made-in-India cars for better economic growth.

What is the situation In Pakistan?

In contrast to India, the situation in Pakistan's automobile sector is radically different. Car sales, manufacturing, and finance have been at an all-time low for a long time, with each month setting a new low. In April 2023, car sales were down by 85% yearly. Last month, auto loans fell for the tenth time in a row. In recent months, the automobile sector in Pakistan has let off thousands of people as car production and sales have dropped by about 70%. Analysts predict that if the current economic turmoil continues, the sector will face much greater difficulties.