Elon Musk, a prominent figure and the third richest person in the world, is scheduled to visit India next week. He owns X, formerly known as Twitter, and his wealth and fame primarily stem from founding Tesla, a leader in electric vehicles (EVs).
Early Ventures and Rise to Fame
Musk was born in South Africa and later moved to Canada with his family. He started his career with Zip2, a local directory website, which he sold to Compaq at 28, making him a millionaire. He then launched X.com, an online bank that evolved into PayPal and was later acquired by eBay, significantly boosting Musk’s wealth.
SpaceX and Tesla: Innovations and Challenges
Musk invested his earnings in SpaceX and Tesla, significantly shaping his public persona and financial status. SpaceX, his space exploration company, competes with national agencies like NASA and aims to colonize Mars by 2026. Musk envisions human life on multiple planets as a safeguard for humanity’s future.
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Tesla’s Impact and Market Challenges
Although Musk did not find Tesla, he joined as an investor and chairman and later became CEO. When Tesla went public in 2010, Musk’s wealth soared, establishing him as a billionaire. Tesla spearheaded the electric vehicle market, distinguishing itself from other auto manufacturers that focused on gasoline and diesel engines.
However, Tesla now faces challenges as its sales have been lower than anticipated. The company aims to sell 20 million vehicles annually by 2030 but currently sells only 1.8 million.
Tesla’s Prospects in India
High import duties have historically blocked Tesla’s entry into India, as they significantly increase the cost of vehicles. Recent policy changes now allow companies investing over $500 million in India to sell their cars with only a 15% tax. This adjustment could reduce the cost of Tesla cars to around 35 lakh INR.
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The Indian market, while still nascent compared to China, shows increasing interest in electric vehicles. Last year, electric cars accounted for only a small fraction of total vehicle sales, but the market potential is substantial. This makes India an appealing market for Tesla and Musk.
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