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Last Updated on 15
Tesla, one of the top 20 global electric car companies, has signed a deal with Tata Electronics to procure semiconductor chips for its international operations. According to a report by the Economic Times, Tesla might invest USD 2 billion for its upcoming ventures in India and has been exploring various locations to establish its next EV manufacturing unit.
Last month, the Indian government approved an Electric Vehicle (EV) policy to position the country as a global manufacturing hub for EVs. The policy mandates a minimum investment of USD 497 million with no maximum investment limit, aimed at attracting investments from reputable global EV manufacturers.
The agreement, which was executed discreetly a few months ago, positions Tata Electronics as a reliable supplier for global clients looking to establish a segment of their semiconductor value chain within India. This move is significant as it highlights Tesla's growing interest in India beyond local revenue generation. The US-based electric vehicle (EV) giant is eager to enter India's EV market.
| Electric Vehicle (EV) policy of India |
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India's Electric Vehicle (EV) Policy is a comprehensive framework designed to accelerate the adoption and manufacturing of EVs, aiming to make India a global EV manufacturing hub. Several important programs and initiatives support the policy.
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Tesla's strategic agreement with Tata Electronics for the procurement of semiconductor chips is a significant move that serves several key objectives:
This deal is part of Tesla's broader strategy to diversify its supply chain. Post-Covid, Tesla has been seeking to broaden its component sourcing options beyond China, focusing on critical parts such as electric motors and battery packs.
The deal positions Tata Electronics as a reliable supplier for global clients looking to establish a segment of their semiconductor value chain within India. This could be a stepping stone for Tesla to find a local partner to establish its presence in India.
The Tesla-Tata deal boosts India's semiconductor ambitions. It not only strengthens the country's position in the global automotive market but also enhances its semiconductor industry.
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