Wed. Sep 28th, 2022
elon musk india

Elon Musk, the world’s richest man, is planning a trip to Indonesia to look into business potential in the resource-rich Southeast Asian country.

On Saturday, Tesla Inc. and SpaceX CEO Elon Musk met with Indonesian President Joko Widodo at the rocket manufacturer’s Boca Chica, Texas, facility, during which Widodo extended an invitation.

According to a statement provided by Widodo’s office, Musk responded, “Hopefully in November, thank you for the invitation.”

Indonesia, which has some of the world’s greatest copper, nickel, and tin reserves, promotes its natural riches to attract billions of dollars in international investment.

Over the previous few years, the government has had negotiations with Musk’s teams about prospective partnerships, including the creation of electric automobiles with Tesla and the possibility of a SpaceX rocket launch facility in the nation, but no agreements have been struck.

Tesla’s foray into India has been put on hold by Musk.

Meanwhile, after failing to get reduced import duties, Musk’s Tesla Inc has put plans to sell electric cars in India on hold, abandoned a search for showroom space, and transferred members of its local staff, according to three individuals familiar with the situation.

Tesla planned to initially test demand by selling electric cars (EVs) imported from production hubs in the United States and China at reduced tariffs, which resulted in a year of stalled discussions with government authorities.

However, the government is pressuring Tesla to commit to local manufacture before lowering tariffs, which may be as high as 100% on imported automobiles.

Tesla had set a deadline of February 1 to determine if its lobbying had yielded results, the day India releases its budget and reveals tax adjustments, according to the article.

Tesla put its intentions to bring vehicles into India on hold after Prime Minister Narendra Modi’s administration refused to make a compromise.

Musk is now pursuing a $44 billion takeover proposal for Twitter, albeit the deal has been hampered by Musk’s statements that his offer is “temporarily on pause” and that he is “still committed” to the transaction.

By adele rose

Adele Rose is the senior editor and employee of WGBS Pvt Ltd Digital wing.

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