| | DECEMBER 20238Tesla, under the leadership of Elon Musk, is nearing an agreement with India to allow the export of its electric vehicles to the country starting in 2024. As part of this arrangement, Tesla intends to establish a factory within two years, and there's potential for an announcement to be made at the Vibrant Gujarat Global Summit in January. Insiders suggest that Gujarat, Maharashtra, and Tamil Nadu are potential locations for the factory, given their robust ecosystems for electric vehicles (EVs) and export capabilities. Tesla is anticipated to commit an initial investment of around $2 billion for the plant, aiming to increase purchases of auto parts from India to approximately $15 billion.The company is investigating the prospect of producing batteries in India to lower expenses. Indian Trade Minister Piyush Goyal recently toured Tesla's facility in Fremont, California, expressing admiration for the automaker's connections with New Delhi. Minister Goyal indicated Tesla's plan to double its imports of components from India, underscoring the increasing significance of Indian auto component suppliers in Tesla's EV supply chain.The Modi government has actively advocated for domestic EV manufacturing and the swift adoption of eco-friendly transportation. There's a reported surge in demand for EVs among India's aspiring middle-class consumers, presenting an opportunity for Tesla. Current high tariffs hinder Tesla from directly importing cars to India, but once locally manufactured vehicles enter the market, they might potentially be priced as low as $20,000. Elon Musk has previously voiced concerns about India's high import taxes and EV policies. In response, India has advised Tesla against selling cars in the country that are manufactured in China. The evolving collaboration between Tesla and India mirrors the government's commitment to fostering a cleaner and more sustainable transportation environment. TESLA APPROACHES DEAL TO EXPORT VEHICLES TO INDIANIYO STRENGTHENS LEADERSHIP FOR GLOBAL EXPANSION AND INNOVATIONIN FOCUSIN FOCUSNiyo, India's prominent digital banking fintech, recently revealed key advancements in its leadership cadre, emphasizing its dedication to expanding both global and mass banking operations and introducing inventive product lines. Sai Sankar M, who has been with Niyo since 2016, now assumes the role of Chief Business Officer for Global Banking, leveraging his extensive two-decade banking expertise to fortify Niyo Global, catering to 1.5 million customers.Tushar Verma, a seasoned banker with twenty years of experience and five at Niyo, now serves as Chief Business Officer for Mass & Affluent Banking. Verma played a crucial role in NiyoX's development, currently serving over 4 million customers. Mrigank Shekhar, a Niyo veteran of four years, is now the Chief Product Officer, focusing on innovative product solutions to bolster Niyo's industry standing.Vinay Bagri, Niyo's Co-founder and CEO, expressed gratitude for the leadership team's contributions and highlighted the strategic significance of these advancements. He stressed the pivotal roles Sai Sankar, Tushar Verma, and Mrigank Shekhar will continue to play in Niyo's journey towards innovation and excellence, benefitting their valued customers.Sai Sankar M, the newly appointed Chief Business Officer for Global Banking, is enthusiastic about Niyo's commitment to innovation, aiming to establish Niyo Global as a leading player in travel-focused banking. Tushar Verma, now Chief Business Officer for Mass & Affluent Banking, sees substantial potential in expanding simplified banking solutions to a broader consumer base with NiyoX and partners.Mrigank Shekhar, the new Chief Product Officer, is excited to transform the banking experience, emphasizing Niyo's dedication to delivering exceptional services and advancing in the Fintech sector. These strategic appointments underscore Niyo's dedication to innovation, excellence, and providing top-tier financial solutions to diverse consumer segments.
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