Tesla (NASDAQ:TSLA) continues to make moves in India as it looks for ways to enter the market. The latest effort by the electric vehicle giant was the submission to Indian officials of a plan to make and sell battery storage systems in the nation, according to Reuters.
Tesla (TSLA) has a broad goal to set up an electric vehicle factory in India to build a car priced around $24K and has held discussions directly with Prime Minister Narendra Modi. Expanding on that goal, Tesla (TSLA) has now proposed supporting India’s battery storage capabilities with its Powerwall system. Sources indicated that Indian officials have not offered any incentives to set up the battery storage system, but would create a fair business model for the company by offering subsidies to customers who bought the company’s energy storage products.
The long-term goal for Tesla (TSLA) in India is to have both residential and industrial customers for the battery storage systems.
Tesla India Motor & Energy leased office space in Pune’s Viman Nagar area earlier in the summer after the talks with Indian officials became more serious. Elon Musk has indicated numerous times an interest on making an investment in India, even though there has been some ups and downs with the discussions.
Shares of Tesla (TSLA) fell 2.31% in morning trading on Thursday amid broad weakness in tech and EV stocks.