Indians wanting their money back for undelivered Teslas shows how drastically the EV market changed

Associated Press

HANOI, Vietnam (AP) — Tesla CEO Elon Musk wrote on Twitter in 2016 inviting Indians to preorder Tesla Model 3s. Many rushed to do so, but never got their cars. Now some who paid a $1,000 deposit with their orders have lost faith and want their money back. Tesla’s travails in India reflect a global EV market that is fast changing. The company faces stiff competition from both traditional automakers and Chinese EV makers that are expanding worldwide. India has reduced import duties for EV makers that build a factory in India. For Tesla though, with slowing sales and too much capacity, building a factory only makes sense if it wants to diversify away from its vast operations in China.