IBEF: March 15, 2021
According to CNBC-TV18, that further cited sources, Tesla Inc. is exploring to partner with Tata Sons' power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in India.
After the statement, Tata Power shares rose 5.5% to their highest closing level since June 9, 2014. The news comes as the Palo Alto-based electric-car manufacturer expects to launch in India later in 2021, including plans to import and market its Model 3 electric sedan.
According to a government document seen by Reuters, Tesla will establish an electric-car manufacturing facility in the Indian state of Karnataka.
The discussions between Tata Power and Tesla are still in the early stages, according to the article, and no agreements have been made yet. The two companies did not respond to requests for comment immediately.
Tesla Motors India and Energy Private Ltd was established in January 2021, with its registered office in Bengaluru, a hub for global technology companies.
Tata Motors Ltd., the Tata Sons carmaker, denied any association with Tesla last week, after media reports indicated that the two firms were evaluating a collaboration.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.