Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India's fast-growing EV market, and Modi personally tracking developments, sources say.
Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported.
India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did.
Tesla does not currently sell vehicles in India.
"Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."
Persons:
Narendra Modi, Elon Musk, Elon, BYD, Tesla, Modi, Musk, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill
Organizations:
India's, India's Press, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson
Locations:
New York City , New York, U.S, India, New Delhi, Thailand, New York, China, Shanghai