India to draft new policy in push for EV investment, minister says

NEW DELHI, Sept 13 (Reuters) - Tesla Inc (TSLA.O) plans to source components worth $1.7-$1.9 billion from India this year, the commerce minister said on Wednesday, amid plans by the electric vehicle maker to set up a factory in the country.

Reuters reported last month that Teslas senior executives met the minister with an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Teslas current entry-level model, for both the Indian market and export.

\“Tesla last year already bought $1 billion worth of components from India... this year their target is $1.7-$1.9 billion,\” Commerce Minister Piyush Goyal said at an auto conference.

\“I am convinced that this (EVs) is the future. It is something we must try to attract.\”