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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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