Business
Tesla Sets to Launch in India as Elon Musk Meets Prime Minister Modi
Tesla is launching its plans to enter the Indian market, signaling a significant shift in the country’s automotive landscape. CEO Elon Musk recently met with Prime Minister Narendra Modi.
The company is actively recruiting for key positions and scouting locations for showrooms in major cities like Mumbai, Delhi, and Bangalore, with plans to commence sales in the third quarter of 2025.
This has caused unease among local automakers, who are concerned about retaining affluent customers despite Tesla’s potential market entry.
The Indian electric vehicle (EV) market faces challenges, including high vehicle prices and insufficient charging infrastructure.
Tesla’s advanced technology could give it an edge, but high import duties may push prices to around 3.5 million rupees ($40,377), compared to an average of 1.2 million rupees for Indian cars.
In response to these challenges, the Indian government has introduced a new EV policy to attract foreign automakers like Tesla.
The policy offers reduced import tariffs for companies investing in local manufacturing, requiring a minimum investment of $500 million.
However, only 5% of this investment can be allocated to charging infrastructure, emphasizing the government’s focus on vehicle production.
Financial markets have reacted to Tesla’s impending entry. Indian auto stocks experienced minor gains, with the Nifty 50 rising by 0.13% and the BSE Sensex increasing by 0.24%.
Financial stocks gained 0.3% after a 2% slide over the previous three sessions. However, market sentiment remains cautious due to global trade uncertainties and concerns over increased competition.
It has been reported that Coca-Cola Company has agreed to sell off Chivita and Hollandia to UAC of Nigeria.
This information was revealed after UAC of Nigeria released a statement regarding their deal with Coca-Cola. The Managing Director stated that they aim to keep Chi’s legacy and described the deal as an ‘acquisition that presents significant potential to build on Chi’s legacy of excellence and innovation.’
“We see a bright future for Chivita and Hollandia. With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.
Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”
As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.
The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
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