Ola founder Bhavish Aggarwal on Tesla reportedly not investing in India: If true, this is Tesla’s loss, not India’s …

Ola founder and CEO Bhavish Aggarwal said that Tesla’s pullback from India, if true, is a loss for the company and not for India. A report by Bloomberg recently said that Tesla has lost ‘interest’ in India and is not expected to ‘move forward with an investment in the country any time soon’.
Quoting the Bloomberg report, Aggarwal said in a post on X, formerly Twitter that “if true, this is Tesla’s loss, not India’s”.Adding further, he wrote that the Indian electric vehicle (EV) and lithium ecosystem is “gaining momentum quickly” and it will be too late for Tesla when they look at India seriously again in a few years.

Here’s what Bhavish Aggarwal said on X

If true, this is Tesla’s loss, not India’s. While the Indian EV and Lithium ecosystem is early, we’re gaining momentum quickly. It’ll be too late for Tesla when they look at India seriously again in a few years.

Elon Musk postponed his India visit

Elon Musk was previously expected to visit India in April this year after the country lowered the import taxes on EVs from foreign carmakers. The visit was postponed amidst news of Tesla reporting a second consecutive drop in quarterly deliveries globally. The company announced staff reduction in April as it faces heightened competition in China. Reportedly, the EV maker’s first new model in years, the Cybertruck, is experiencing slower than expected production with construction of a new plant in Mexico delayed.
According to Bloomberg, the Indian government is given to understand that Tesla has capital issues and doesn’t plan on pledging fresh investment into India in the near future. The government is now banking on domestic automakers like Tata Motors and Mahindra to boost EV production.