Tesla (TSLA) tumbles amidst India shutting down car importation from Giga Shanghai, and questions about Musk buying Twitter

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Tesla’s banal (TSLA) tumbled by arsenic overmuch arsenic 10% this greeting amid a broader marketplace setback. Tesla seems to beryllium peculiarly affected aft India unopen down the thought of Tesla importing cars from Giga Shanghai and questions astir Elon Musk buying Twitter.

India has the biggest car marketplace that Tesla has yet to enter.

For years, Elon Musk said that Tesla’s motorboat successful India was imminent, but beardown import tariffs person made it difficult. Nonetheless, the automaker has had immoderate indications of preparing for a motorboat implicit the past year.

In 2021, Tesla officially incorporated an Indian company in Bengaluru, the superior of India’s confederate Karnataka state. During the summer, Indian authorities officials said that they are considering Tesla’s connection to greatly trim import duties for electrical cars, which has been the main hurdle for the institution to participate the market.

The government has maintained precocious import duties connected EVs to promote section production, but truthful far, it has chiefly resulted successful preventing automakers to import fashionable EVs produced extracurricular the country, including successful China.

Tesla has expressed involvement successful gathering a mill successful the country, but arsenic it has done successful each different market, the automaker prefers to archetypal trial the waters with imported vehicles.

More recently, Tesla vehicles person been spotted being tested connected Indian roads and it got seven electrical conveyance variants approved successful the country, but 4 months later, it has yet to motorboat successful the country.

Now, the Indian authorities appears to unopen down Tesla’s program arsenic transport curate Nitin Gadkari announced that Tesla is inactive invited to physique a mill successful India, but it doesn’t privation Tesla to import vehicles from China:

Making successful China and selling present is not a bully proposition.

With Gigafactory Shanghai being Tesla’s main export hub, the archetypal Tesla vehicles successful India would person apt been coming from China.

Tesla’s banal (TSLA) was down by much than 9% this greeting – trading astatine astir $900 a share. The banal is besides affected by a broader marketplace setback with the NASDAQ being down 3%.

Tesla investors person besides questions astir Musk buying Twitter, which was confirmed yesterday, and however overmuch clip that volition instrumentality the CEO distant from Tesla, and if helium is going to person to merchantability Tesla shares to screen immoderate of the $21 cardinal successful equity helium needs to travel up with for the acquisition.

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