Tesla-related Companies’ Stock Prices Surge with Elon Musk’s India Visit

The stocks of Suprajit Engineering, SKF India, Sandhar Technologies, and Sona Blw Precision Forgings surged today, driven by anticipation of Tesla CEO Elon Musk’s visit to India. Musk is set to meet Prime Minister Narendra Modi to advance plans for establishing a Tesla manufacturing unit in India. This move aims to diversify Tesla’s manufacturing beyond China, possibly introducing an affordable electric car, like the Model 2, in India. Musk’s investment in the facility could exceed $3 billion, as Tesla currently relies heavily on China for production. Similarly, other US firms like Apple are also expanding into India, reducing their dependence on Chinese manufacturing.

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Investors are once again reacting to news surrounding Tesla CEO Elon Musk’s upcoming visit to India, which is expected to mark a significant advancement in the process of establishing the company’s presence in the country. These auto ancillary companies, which have connections with Tesla, are experiencing a surge in their share prices. This visit follows India’s unveiling of its electric vehicle policy, which offers concessions to foreign carmakers interested in setting up manufacturing facilities in the country, provided they commit to local investments. Notably, Suprajit Engineering saw a 2 percent increase in its share price today, with its ties to Tesla stemming from its acquisition of the Light Duty Cable (LDC) business unit from Norwegian company Kongsberg Automotive, which supplies various parts to Tesla.

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Stock Prices Surge for Auto Ancillary Companies Supplying Tesla

Sandhar Technologies witnessed a significant increase in its share price today, rising by over 4 percent to ₹519.70. The company provides parts for various Tesla models, including the Model 3 wiper system. Similarly, Sona Blw Precision Forgings saw a jump of over 4 percent in its share price, reaching ₹679.70. Although earlier in the day, it experienced an increase of over 7 percent, reaching above the ₹705 level. Sona Blw Precision Forgings supplies components and systems for Tesla vehicles. Meanwhile, SKF India’s share price reached as high as Rs. 4,650.25, marking a gain of 2.11%, having reached ₹4773 at one point. The company supplies several parts for Tesla vehicles, with its connections to Tesla dating back to 2008.

Despite the upward trend in share prices for other Tesla-linked companies, Varroc Engineering’s share price experienced a decline of over 2% today, reaching ₹514.60. However, the company has longstanding connections with Elon Musk and Tesla, dating back to 2017. Notably, Varroc Engineering secured a contract to supply lighting systems for various Tesla models, including the Tesla Model S.

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