Ola founder and CEO Bhavish Aggarwal has commented on Tesla’s exit from the Indian market, asserting that the loss is Tesla’s, not India’s. Aggarwal emphasized that the Indian EV market is expanding rapidly, presenting significant opportunities that Tesla will miss out on.
“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,” Aggarwal posted on X (formerly Twitter).
This statement follows a Bloomberg report indicating that Tesla has not pursued discussions with officials in New Delhi, leading to the expectation that the company will not invest in India. The report comes shortly after Elon Musk postponed his visit to India. The government, aware of Tesla’s financial challenges, does not anticipate fresh investments from the EV maker.
Tesla, which has recently faced a second consecutive decline in global deliveries and increasing competition from China, has made several strategic adjustments. In April, Musk announced job cuts, sold the automaker’s flagship Cybertruck stall, and delayed the construction of its Mexico plant.
With Tesla’s pullback, the Indian government may shift focus to domestic players like Mahindra & Mahindra and Tata Motors to drive EV production in the country.
Ola, a leading Indian EV startup, is poised for a significant market debut. In June 2024, the Securities and Exchange Board of India (SEBI) approved Ola Electric’s IPO, featuring a primary issuance of ₹5,500 crore and a secondary sale of ₹1,750 crore. This approval marks Ola Electric as the first EV startup to receive such clearance from the market regulator.