Electric vehicle maker Tesla (TSLA) is planning to build a battery plant in India as it looks to expand in the country of 1.4 billion people, according to multiple media reports.
Tesla executives, including Chief Executive Officer (CEO) Elon Musk, are reportedly in advanced talks with the Indian government as they request various incentives to build a battery plant in that country.
Tesla is considering making its Powerwall system in India. The system stores power generated from solar panels.
Musk visited India earlier this year and has spoken publicly about wanting to establish a factory to build electric vehicles there.
Other major U.S. companies, including Apple (APPL) and Nvidia (NVDA), have also announced plans to expand in India, which is one of the world’s fastest growing economies.
Tesla’s stock has risen 137% this year but is trading 11% lower than where the share price was 12 months ago.