Tesla Invited by Maharashtra After Elon Musk Hints Entry Into India

India’s richest state Maharashtra has invited US electric-car maker Tesla, weeks after its Chief Executive Officer Elon Musk suggested entering the country next year.

In a tweet on Thursday, state tourism and environment minister Aaditya Thackeray said he and industries minister Subhash Desai held a video call with Tesla executives earlier in the day to invite them to the state.

Last month, Tesla’s market value dropped $50 billion (roughly Rs. 3,68,300 crores) despite CEO Elon Musk’s promise to cut electric vehicle costs so radically that a $25,000 (roughly Rs. 18.4 lakhs) car that drives itself will be possible, but not for at least three years.

Musk and other Tesla executives presented their new battery and manufacturing strategies in the company’s “Battery Day” event in September. “Nothing Musk discussed about batteries is a done deal,” said Roth Capital Partners analyst Craig Irwin. “There was nothing tangible.”

Investors had expected two significant announcements at Musk’s oft-touted “Battery Day”: The development of a “million mile” battery good for 10 years or more, and a specific cost reduction target, expressed in dollars per kilowatt-hour, that would finally drop the price of an electric vehicle below that of a gasoline car.

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