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Battery shares jump amidst Tesla’s news of coming to India

Tesla is coming to India in early 2021. And this news has been confirmed by none other than the Union Minister for Transport and Highways. Among all this hype of the biggest EV brand to arrive in India, the battery shares have jumped by over 15% on December 29th. The battery shares jump seem an obvious thing because the primary component of an Electric Vehicle is its battery.

Battery shares jump by 15%

Battery shares jump

The news regarding Tesla coming to India was confirmed by the Union Minister on 28th December. And of the following day, shares of Exide Industries, Eveready, HBL power systems, Amara Raja, and many other companies jumped by 15%. The reason is obvious, but until Tesla begins manufacturing and assembling cars in India, there will not be many benefits for these companies. But Tesla’s effect in India will be interesting to see whatsoever.

Tesla’s entry in India

The long-awaited arrival of the EV in the Indian market will now be over very soon. First, the company plans to import vehicles from outside and sell them online. And if the response is good enough, they also plan to build manufacturing and local assembly lines in the country. For those who are interested, the Tesla Model 3 will be available for prebooking, and the deliveries will start in June. According to the reports, imported cars will be completely built and imported, and no work will be done in India. As for the starting price, they will begin at Rs 55 lakhs from the Tesla Model S.

Tesla Open For Bookings In India From January 2021

Even Musk talked about entering India’s market in 2021. A Twitter follower asked Musk when they are planning to bring tesla to India. To this, Elon replied that ‘Next Year for sure’. So, now the news is solid and not like 2016 when the company promised to deliver cars but couldn’t.

One of the reasons for that is, India’s infrastructure wasn’t developed enough to support EVs at the time and Tesla was also much more supply-constrained as compared to the present. I remember many Indian YouTubers complaining that they booked a Tesla and it’s been years that they haven’t received the car nor any updates regarding the same.

What are your thoughts on Tesla coming to India very soon? And does the battery shares jump makes sense? Do let us know in the comments below. Also, if you found our content informative and useful, do like and share it with your friends.

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