US-based electric car manufacturer Tesla has decided to halt its partnership with Kolkata-based Ramkrishna Forgings, just days after CEO Elon Musk postponed his highly anticipated visit to India, where he was expected to announce Tesla’s entry into the Indian market.
Ramkrishna Forgings disclosed the development in a regulatory filing, stating, “Further to our earlier press release dated April 18, 2024, it is hereby notified that USA’s Largest Electric Passenger Vehicle manufacturer has vide a subsequent communication put on hold its earlier approval in relation to supply of power train components, by Ramkrishna Forgings Limited.”
Earlier in the week, Ramkrishna Forgings had announced securing approval to supply powertrain components to the largest electric passenger vehicle producer in the United States, without explicitly naming Tesla. The order, valued at approximately Rs 400 crore, marked a significant milestone for Ramkrishna Forgings in its pursuit of pioneering electric mobility solutions.
However, with Tesla’s decision to pause the partnership, the future of this collaboration remains uncertain. The announcement comes amidst Elon Musk’s postponement of his visit to India, where he was scheduled to meet Prime Minister Narendra Modi and potentially unveil Tesla’s plans for the Indian market.
In a statement on Saturday, Musk cited “very heavy Tesla obligations” as the reason for delaying his visit to India. Despite the setback, Musk expressed optimism about visiting India later in the year.
The decision to put the partnership on hold raises questions about Tesla’s immediate plans for its India entry and the implications for Ramkrishna Forgings’ aspirations in the electric vehicle (EV) sector. With the EV market gaining momentum globally, the developments surrounding Tesla’s India venture and its partnerships continue to attract significant attention and speculation.