Powered by

Home Trending News

Tesla’s loss, not India’s: Ola CEO On Musk's Exit From Indian Market

After reports went viral about Tesla pulling back from setting up factories in India, Ola founder Bhavish Aggarwal tweeted that it’s Tesla’s loss, not India’s. He emphasized India's growing EV and Lithium industries.

By Rashaad Ather
New Update
Bhavish Aggarwal - Founder At Olacabs

Bhavish Aggarwal - Founder And CEO At Ola Cabs

Listen to this article
0.75x 1x 1.5x
00:00 / 00:00

After reports went viral about Tesla’s pullback from setting up factories in India yesterday, Ola founder and CEO Bhavish Aggarwal took to X today to convey that it’s a loss for Musk’s EV company and not for India.

“If true, this is Tesla’s loss, not India’s,” wrote Aggarwal on X.

He added that Tesla will regret their decision as the Indian EC and Lithium industry is taking long strides.

“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,” Ola founder added.

Aggarwal’s criticism follows Ola Electric's approval for its IPO from SEBI, making it the first EV startup to receive such clearance.

Tesla-India Stalemate:

Tesla isn’t responding to inquiries from the Union Ministry of Heavy Industries in New Delhi.

This comes after Elon Musk postponed his visit to India. 

The government says it’s aware of Tesla's financial issues and the EV isn’t planning to invest fresh funds in India. 

The international EV maker experienced a drop in global deliveries, facing increased competition. 

Also, Elon Musk recently announced job cuts. 

The government is now potentially turning to domestic players like Mahindra & Mahindra and Tata Motors. 

Social Media Reaction:

The Bangalore-based Cab company’s post is receiving mixed feedback.

One user wrote: “It’s not Tesla’s loss. 

It’s India‘s loss.

Along with Tesla comes a massive supply chain of components and technical know how.

It’s too bad people in India think it is Tesla‘s loss. 

Tomorrow, if Apple stops making iPhones in India, people will say it’s apple's loss. But that will not be true.

India needs World class companies to come and manufacture there.

This Tesla making cars in India Deal should have happened. It’s too bad it didn’t. Too bad for India.”

Another user commented: “I think Indian car manufacturers are a few years behind Tesla in terms of technology. Tesla would have uplifted the whole ecosystem by offering the most competitive car. It’s India’s loss as well. Right?”

A third user replied: “It's good that Tesla is not coming to India, Indian Local EV makers have a great chance to establish and Flourish in the next few years as the government is also pushing very hard for EV”