Elon Musk plans to create an entirely new electric auto

Adjust Comment Print

Nine months is a long time; it's long enough to have a baby. Elon Musk announced the company's intent to build a partial presence in these regions by the end of 2019 on the 2nd of November, via Twitter. If successfully constructed, the Boring Company has indicated that fares on the Loop system will be commensurate with the cost of traveling on other types of public transportation.

To which Musk instantly replied that he would love to be in India.

Boring Company's one of the undergoing projects is building underground tunnels for electric vehicles of the future.

Tesla and Musk have regularly stated their intentions to enter the Indian market, but stringent government regulations have hampered its chances, just like what Apple has been facing. - Elon Musk (@elonmusk) November 3, 2018.

He had also signalled then that the company's Chief Financial Officer Deepak Ahuja will have the final say on when Tesla should be in India.

The news made the company's stock rise by 5%, along with the announcement, on that same day, that all Tesla cars will begin to acquire full self-driving features in August.

"To clarify further, the long-term goal for Tesla's mass market products is local production for local markets (at least at the continent level)".

If Tesla could find a way to India, the country's automotive sector would see a positive growth, especially in electric vehicle segment. Taking into account the cost of transoceanic transportation and import tariffs, Tesla now spends 55-60% more operating costs than it does to produce the same auto in China.

Musk tweeted at the time that he had "funding secured" for the deal, but later dropped the plans, admitting they had been unrealistic.

Comments