Tesla plans to almost double component sourcing from India to $1.9B this year, says minister

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Tesla is planning to nearly double its component sourcing from India to up to $1.9 billion this year, the nation’s trade minister has said, underscoring the growth of electric-vehicle component manufacturing in the country. But Tesla’s long-floated promise of plans to build its own plants in the country remains electric dreams. Tesla bought $1 billion of automobile components from India in 2022, and it is targeting to take it to $1.7–$1.9 billion this year, India’s commerce minister Piyush Goyal said at an auto event in New Delhi on Wednesday. “We’ll start enjoying the fruits of new technologies, innovation and R&D...