It seems after years of wait, EV maker Tesla (NASDAQ:TSLA) is finally gearing up to enter India. A report from the Times of India indicates the company is in talks with the Indian government to set up a production facility with a capacity of 500,000 vehicles in the country.
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The India-manufactured cars are expected to be priced at ~$24,500 as Tesla also looks to make India its export hub. Interestingly, the development comes after Tesla supremo Elon Musk recently met Indian Prime Minister Narendra Modi during his visit to the U.S.
Deliveries of Tesla’s China-made vehicles recently dropped 4.8% year-over-year to 74,212 in June. The company is also slated to post second-quarter numbers on July 19 and is expected to deliver an EPS of $0.79 for the period on revenue of $24.32 billion.
Overall, the Street has a $237.50 consensus price target on Tesla alongside a Moderate Buy consensus rating. Shares of the company have skyrocketed nearly 120% over the past six months.
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