Elon Musk says tesla's India plans didn't fall

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Elon Musk says tesla's India plans didn't fall

Tesla, Inc.'s TSLA India plans didn't quite materialize in the way the company's outspoken chief executive officer Elon Musk may have hoped.

The Indian government's intransigent stance on import duty cuts and its insistence on localizing production did not cut ice with Musk. Following the stalemate, Tesla put its India plans on the backburner and shifted resources to India expansion elsewhere.

Musk has not backed down an inch. In a response to a tweet asking whether Tesla will have a manufacturing plant in India in the future, Musk categorically stated that Tesla will not commit to setting up a manufacturing plant in any place where it isn't allowed to sell and service its cars.

Related Link: Tesla Stock Gets Another Price Target Cut - This Time From Jefferies

A Twitter user pointed out the huge potential that India offers. Just as Indian consumers skipped their wired phones and moved straight into mobile phones, they could jump straight into electric vehicles, he said.

The Tesla stock closed Friday at $759.63, a 7.33% increase, according to Benzinga Pro.

Photo: Created with an image from kqedquest on Flickr.