India is concerned that tie-ups like the one proposed by BYD are “controlled by the foreign partner” and reduce the partnering Indian company to a “dummy entity”

The investment proposal also includes a plan by BYD to set up charging stations in India and build research and development and training centres

Musk says it's "quite likely there will be a significant investment in our relationship with India in the future,” adding that he thinks "India has more promise than any large country in the world"

Musk's comment represents a shift in stance for Tesla, which saw talks with the Narendra Modi-led government hit a deadlock last year

In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries

The discovery comes at a time when India is looking to strengthen its supply of critical minerals that will be crucial for furthering its electric vehicle plans

CEO Jim Rowan said the automaker is assessing logistics and "cost benefits" as the plant will "feed other countries other than just India"

Firms from Hyundai Motor to BYD are set to focus on electric cars, while Maruti Suzuki and Toyota Motor are expected to also showcase hybrid and hydrogen fuel-cell vehicles