Tesla to announce investment of up to $3bn in India next week

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Tesla is going to announce an investment of up to $3 billion next week in India during his planned visit with Prime Minister Narendra Modi, reports indicate.

Tesla has been working to establish a professional relationship with India for several years, hoping to bring its vehicles to the country on a larger scale.

However, Tesla and India have both had requests that the other party simply could not agree to: Tesla requested lower import duties so it could test demand, while India was only willing to do this with a commitment from Tesla to build a factory.

The plans to work together stagnated over the past few years, but rumors have continued to swirl. Last year, CEO Elon Musk met with Modi in New York City to discuss a partnership, and Musk seemed more enthused than ever.

“I am confident that Tesla will be in India and will do so as soon as humanly possible,” Musk said during an interview after their meeting.

Earlier this month, it was reported that Musk and Modi would finally meet in India to finalize a deal. It appears that is exactly what will happen.

Tesla CEO Elon Musk’s India visit scheduled for April 21-22: report

Sources close to the situation told Reuters that Musk and Tesla will announce an investment of between $2 billion and $3 billion. The report states that most of the investment will be spent on building a new factory.

Electric vehicles are in short supply in India, and demand is not much better. Just 2 percent of total car sales last year were made up of EVs, and Tesla’s vehicles could be the answer to more widespread adoption.

However, it is unclear what Tesla’s short-term plans are for the market. It is still working to begin more concerted construction efforts at its planned factory in Mexico.

Additionally, it terminated over 14,000 workers this week, and in a filing with the SEC, the company said more than 10 percent of its total employee headcount was being reduced.

Tesla has taken steps in the past to push its efforts in India forward. It created a team of executives to handle its entrance into the market and has already made plans to ship cars from its Berlin Gigafactory to India to test demand.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com. 

Tesla to announce investment of up to $3bn in India next week





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Tesla could be ‘passing the torch’ to this person as executives depart

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This week has already been a tumultuous one for Tesla employees, fans and shareholders, as two of the company’s top executives have departed alongside widespread layoffs. Upon leaving, however, one of the executives has hinted at who Tesla may plan to “pass the torch to” as the two depart.

Tesla’s Rohan Patel, Vice President of Public Policy and Business Development, Drew Baglino, Senior Vice President of Powertrain and Energy Engineering, both announced their departures on Monday, after eight and 18 years, respectively. Hours later, it was confirmed that the company would be laying off between 10 and 20 percent of workers, as detailed in a letter sent to affected employees.

Following the events, many have wished Patel and Baglino well on X, including many fellow Tesla employees. Tesla Director, Infrastructure Policy & Business Development Patrick Bean, for example, went on to highlight Baglino’s many accomplishments at the company, to which the former executive suggested that Bean will be who Tesla “passes the torch to” in his and Patel’s absence.

According to his LinkedIn page, Bean has been with Tesla since late 2015, formerly working at SolarCity and remaining through the 2016 acquisition. He says his role there is primarily focused on managing Tesla’s global energy and EV charging policy, utility engagement, municipal engagement, and energy procurement efforts.

Being that Bean’s experience is mostly in Business Development and Public Policy, it wouldn’t be much of a surprise to see him overtake Patel’s former role, as Baglino suggests. Interestingly, he does use the phrase “in our absence,” referring to both himself and Patel.

The news of both executives departing comes after Patel has gained popularity for responding directly to Tesla owners and fans on X over the past few months. It also caused many to speculate as to if other key executives would be leaving Tesla. One such executive includes Vice President of Vehicle Engineering Lars Moravy, who has suggested that he isn’t going anywhere, saying this morning he would help “continue Baglino’s revolutionary efforts.”

Tesla makes key executive’s departure official in SEC filing

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send your tips to us at tips@teslarati.com.

Tesla could be ‘passing the torch’ to this person as executives depart





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Tesla (TSLA) gets “Buy” rating and $298 price target from RBC Capital

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RBC Capital analyst Tom Narayan maintained his “Buy” rating for electric vehicle maker Tesla (NASDAQ:TSLA) on Monday. His price target for Tesla was also listed at $298 per share, suggesting an upside of over 80%. 

Narayan is currently ranked on TipRanks as a 4-star analyst with an average return of 7.4% and a success rate of 53.95%. He covers several auto companies such as Tesla, Ferrari, and the Mercedes-Benz Group. So far, his most profitable trade involved Mercedes-Benz from April 2020 to April 2021, which saw a return of 249.10%. 

Tesla shares saw a notable 5.59% decline on Monday, thanks in no small part to news of the company’s workforce trimming initiative and the departure of two key executives. During the weekend, a leaked email from CEO Elon Musk was shared online, suggesting that Tesla would be cutting over 10% of its workforce. 

Considering that Tesla had more than 140,000 employees at the end of 2023 as per its 10-K filing with the United States Security and Exchange Commission (SEC), a workforce reduction of over 10% would suggest that more than 14,000 employees would be leaving the company. That’s the largest workforce cut by number implemented by the EV maker to date. 

Apart from this, Tesla SVP Powertrain and Energy Engineering Drew Baglino and Vice President for Public Policy and Business Development Rohan Patel announced their departures from the company. Elon Musk thanked both executives for their contribution to Tesla over the years on social media platform X. 

Musk did explain in a later post on X that “about every five years, we need to reorganize and streamline the company for the next phase of growth.” Musk’s update suggests that Tesla may be preparing for its next set of very ambitious targets, some of which would likely be far more challenging than anything that the company has ever attempted before. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Tesla (TSLA) gets “Buy” rating and $298 price target from RBC Capital





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