Tesla (TSLA -1.33%) is planning to expand its electric vehicle (EV) manufacturing capabilities to India, according to a report by Reuters. The company is preparing to set up a factory in the southern state of Karnataka, according a government document.
The text made only a brief statement regarding the move, saying, "The U.S. firm Tesla will be opening an electric car manufacturing unit in Karnataka," according to the state government brief, which addressed the part of India's budget benefiting the local population.
This isn't the only evidence that Tesla plans to set up shop in the world's second most-populated country. In January, regulatory filings revealed that Tesla incorporated two fully owned subsidiaries, Energy Private Limited and Tesla Motors India, in the city of Bengaluru in Karnataka. The area is widely regarded as a center for worldwide technology companies.
The report also referenced a tweet (which has since been deleted) that Tesla would first set up a research and development center in the city, which was at the time reported by The Economic Times.
Tesla's enigmatic founder, Elon Musk, has made no secret of his aspirations to launch operations in India. Musk responded to a thread and blog post that referenced how India could be a market for Tesla, despite the high cost of the automaker's EVs, tweeting simply "As promised." This followed Musk's reply to a question about Tesla's progress in entering the Indian market, saying, "Yea .. Next year for sure."
2020 was a banner year for the EV maker. After posting its fifth consecutive quarter of profitability, splitting its stock, and joining the S&P 500, Tesla's stock soared a mind-boggling 743%.