India, April 24 -- Tesla's plan for entry into India anytime soon remains in limbo. The Elon Musk-led electric vehicle company is planning to use its existing factories to build new and more affordable vehicles as early as the end of this year, rather than investing in new factories in India and Mexico in the near future.

As per Reuter's report, the company aims to increase production by 50% from 2023, aiming to reach its current capacity of nearly 3 Mn vehicles before considering investments in new manufacturing lines.

"This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times," the company told Reuters. ...