Bhavish Aggarwal, the founder and CEO of Ola, remarked that Tesla’s decision not to invest in the Indian market is a significant loss for the Elon Musk-owned company, not for India. He highlighted the rapid growth of the Indian electric vehicle (EV) and lithium industries, suggesting that it may be too late for Tesla to enter the market in the future.
Aggarwal posted on X (formerly Twitter): “If true, this is Tesla’s loss, not India’s. While the Indian EV and Lithium ecosystem is early, we’re gaining momentum quickly. It’ll be too late for Tesla when they look at India seriously again in a few years.”
This statement follows a Bloomberg report indicating that Tesla has not pursued inquiries with officials in New Delhi and is no longer expected to invest in India. This report comes weeks after Elon Musk postponed his visit to India, citing financial issues. Tesla has no plans to allocate new funds to the Indian market.
Tesla recently reported a second consecutive decline in global deliveries for this quarter and faces growing competition from China. The company also announced job cuts, stalled the sale of its flagship Cybertruck, and delayed the construction of its plant in Mexico.
The report also mentioned that the Indian government might now focus on domestic companies like Mahindra & Mahindra and Tata Motors to enhance EV production in the country.
Meanwhile, Ola is set to debut on the market after the Securities and Exchange Board of India (SEBI) approved Ola Electric’s IPO in June 2024. The IPO will feature a primary issuance of ₹5,500 crore and a secondary sale of ₹1,750 crore. This approval makes Ola Electric the first EV startup to receive such clearance from the market regulator.
