New Delhi, Feb 14 (KNN) Electric car giant Tesla Inc. is looking to expand its footprint in India by venturing into rooftop solar panel manufacturing, reported mint.

At the juncture when Tesla unveils its India strategy, its solar operations in the US have experienced a notable decline.

Specifically, deployments in the December quarter plummeted by 59 per cent to 41MW from the previous year's 100MW, marking the lowest performance since 2020.

In contrast, India offers incentives to stimulate the growth of the rooftop solar industry.

Notable domestic players in this sector include Tata Power Solar, Adani Solar, Servotech Power Systems, and Waaree Energies.

With its sights set on India, Tesla has approached the government, discussing plans and requesting subsidies for its venture.

Beyond its core focus on electric vehicles, Tesla also delves into home power solutions, including Solar Roof, Powerwall, and solar panels.

India's rooftop solar sector has shown promising growth, with a compound annual growth rate of 4.7 per cent over the last five years.

However, it falls short of the ambitious 40GW target set by the government for 2022.

Initiatives like the Pradhan Mantri Suryodaya Yojana aim to bolster rooftop solar projects, indicating a favourable environment for Tesla's entry into the market.

Tesla's engagement with the Indian government extends beyond solar initiatives.

The company has been in talks regarding the import duty rates for its electric vehicles, proposing significant investments in the country's automotive sector.

Allegedly, the company is prepared to allocate a sum of up to USD 2 billion towards establishing a factory in India, contingent upon the government granting a concessional duty rate of 15 per cent on imported vehicles during the initial two years of operation, in contrast to the current rate of 70-100 per cent.

High-level meetings between Tesla CEO Elon Musk and Indian officials, including Prime Minister Narendra Modi and Commerce Minister Piyush Goyal, underscore the seriousness of Tesla's India plans.

As Tesla explores opportunities in India's solar energy landscape, its potential partnership with local players marks a significant step towards sustainable energy solutions.

(KNN Bureau)