Media personnel look at the Tesla’s Model Y car at the newly opened India’s first Tesla showroom in Mumbai, India on July 15. (AP)

NEW DELHI, July 15, (AP): Tesla Inc. opened its first showroom in India on Tuesday, marking the electric vehicle maker’s long-anticipated debut in the world’s third-biggest automotive market. Located in the Bandra-Kurla Complex, an upscale business center in the financial capital Mumbai, the showroom will serve as Tesla’s flagship retail and experience outlet as the company introduces its EV lineup to Indian customers.

Tesla’s entry to India comes after years of delays and policy friction, marking a pivotal expansion in a fast-growing consumer base while global sales are plunging and the company faces challenges in its two core markets, China and the U.S. Sales of Tesla electric cars fell sharply from April to June as boycotts over Elon Musk’s political views continued keeping buyers away.

For India, Tesla’s entry signals rising investor confidence and strengthens its move towards clean mobility. The country’s nascent electric vehicle market made up a little more than 2% of total car sales last year. But the government wants to change that and increase the electric vehicle share to 30% by 2030. Tesla will begin by importing and selling its popular Y model cars in India.

The base price would be 6.78 million rupees ($79,089) for the long-range, rear-wheel drive vehicle, according to a presentation by the company during the showroom launch Tuesday. By comparison, the price tag is around $44,990 in the U.S without a federal tax credit. The rear-wheel drive will sell for around 6 million rupees ($70,000) in India.

Delivery is expected to start from the third quarter, Tesla officials said. Tesla’s higher pricing is likely to make its cars unaffordable for most Indians . Tesla will compete mostly with German luxury carmakers such as BMW and Mercedes Benz Group AG, and not budget Indian players like Tata Motors Ltd. and Mahindra & Mahindra Ltd.

The luxury car market makes up just about 1% of total vehicle sales The debut by American EV giant, however, would bring in world class technology to the country, auto analyst Gaurav Vangaal said. “With deeper local investments, Tesla can accelerate India’s EV ecosystem, drive innovation and support the government’s goal of higher EV penetration,” said Vangaal, an associate director with S&P Global Mobility. Prime Minister Narendra Modi’s government has wooed Tesla for years for its global brand value and to boost the country’s clean energy endeavors.  

President and CEO of Nvidia Corporation Jensen Huang delivers a speech during the Computex 2025 exhibition in Taipei, Taiwan on May 19. (AP)

BANGKOK, July 15, (AP): Nvidia’s CEO Jensen Huang says the technology giant has won approval from the Trump administration to sell its advanced H20 computer chips used to develop artificial intelligence to China. The news came in a company blog post late Monday and Huang also spoke about the coup on China’s state-run CGTN television network in remarks shown on X.

“The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. “Today, I’m announcing that the US government has approved for us filing licenses to start shipping H20s,” Huang told reporters in Beijing. He noted that half of the world’s AI researchers are in China.

“It’s so innovative and dynamic here in China that it’s really important that American companies are able to compete and serve the market here in China,” he said. Huang recently met with Trump and other US policymakers and this week is in Beijing to attend a supply chain conference and speak with Chinese officials.

The broadcast showed Huang meeting with Ren Hongbin, the head of the China Council for Promotion of International Trade, host of the China International Supply Chain Expo, which Huang was attending. Nvidia is an exhibitor. Nvidia has profited enormously from rapid adoption of AI, becoming the first company to have its market value surpass $4 trillion last week.

However, the trade rivalry between the US and China has been weighing heavily on the industry. Washington has been tightening controls on exports of advanced technology to China for years, citing concerns that know-how meant for civilian use could be deployed for military purposes. The emergence of China’s DeepSeek AI chatbot in January renewed concerns over how China might use the advanced chips to help develop its own AI capabilities.

In January, before Trump began his second term in office, the administration of President Joe Biden launched a new framework for exporting advanced computer chips used to develop artificial intelligence, an attempt to balance national security concerns about the technology with the economic interests of producers and other countries.

The White House announced in April that it would restrict sales of Nvidia’s H20 chips and AMD’s MI308 chips to China. Nvidia had said the tighter export controls would cost the company an extra $5.5 billion, and Huang and other technology leaders have been lobbying President Donald Trump to reverse the restrictions. 

Boursa Kuwait CEO Mohammad Al- Osaimi

KUWAIT CITY, July 14: Chief Executive Officer (CEO) of Boursa Kuwait Mohammad Al-Osaimi said the timeline for debt instrument trading is proceeding as planned, indicating that sukuk and bonds will be traded in 2025. He affirmed that all technical tests for index funds and the bond and sukuk market have been completed, and the regulatory rules are currently being prepared and will be announced within the next few months.

Al-Osaimi announced on the sidelines of the launch of the second part of the third phase of the Capital Market Development Program, which is a major milestone that reflects the market system’s commitment to continue development per international best practices. Regarding the expected volume of debt instrument trading on the stock exchange, Al-Osaimi explained, “The current value of commercial debt instruments does not exceed KD2 billion, but after the approval of the Debt Law, we aspire to list government bonds and sukuk”. He pointed out that the stock exchange has a development program extending over three or four years to introduce major updates to its trading system. He revealed “we will begin testing the new trading system in the second half of 2026.” He stated that the stock exchange is cooperating with the Capital Markets Authority (CMA) to review several products to better present them, stressing that the introduction of the CCP and the Central Broker will help the stock exchange offer financial derivatives soon. He explained that these developments will lead to attracting foreign investments, coinciding with increased investor confidence.

About amending the listing requirements on the main market, Al-Osaimi confirmed that “when the reduction of listing requirements on the main market was approved by reducing the company’s capital limit from KD15 million to KD5 million, we received numerous communications from subscription managers in this regard.” He anticipates listings shortly. He disclosed that two family companies are currently negotiating with the stock exchange for listing, explaining that the stock exchange intends to attract companies in various sectors, including commercial, government, and family businesses. He said the listing procedures and requirements are not easy, as companies are being reorganized and prepared for this step, which may require a period that may extend to several years. He clarified that there is currently no intention to list oil sector companies, disclosing that there have been discussions with the Public-Private Partnership Authority to list a government company such as North Al-Zour next year. He added, “The launching of the second part of the third phase of the Capital Market Development Program — the main station — reflects the market system’s commitment to continue development following international best practices.”

He emphasized that “this achievement is a qualitative shift in the development process of the market and it is the result of the concerted efforts of CMA, Central Bank of Kuwait, Kuwait Clearing Company, Boursa Kuwait, and our partners from banks, investment companies and financial brokerage companies.” He confirmed that this phase witnessed a comprehensive development of the operational and technical infrastructure, including strengthening the clearing and settlement system, upgrading and modernizing trading systems, and improving the market structure through the implementation of the ‘Qualified Broker’ model and the application of more accurate and transparent mechanisms for account management. He explained that this achievement affirms the readiness of the market for more advanced stages in the future, and a shared vision for an efficient and flexible financial market capable of supporting economic development and attracting investments. He confirmed Boursa Kuwait’s commitment to continue this journey, in partnership with all stakeholders, to ensure sustainable development and enhance the position of Kuwait as an advanced regional financial center.

On the other hand, Director of the Trading Department at CMA Khaled Al-Sahli stated that the second part of the third phase of the Capital Market System Development Program includes the provision of financial products. “Trading and post-trading have been activated through the applicable systems, in addition to preparing the structure of the articles, executive regulations and the stock exchange rules,” he disclosed. Al-Sahli indicated that work is underway to approve the executive regulations after the completion of the rules and regulations for settlement and litigation in the Central Depository, which will happen soon. He asserted, “This development step contributes to boosting confidence among foreign investors and increasing foreign inflows, especially with the implementation of the CPP.”

He asserted that such steps taken by the Kuwaiti market open new horizons for brokerage firms. Abdul Karim Al-Yaqout – Director of Strategy and Product Development at Kuwait Clearing Company – pointed out that the third phase is the cornerstone in the process of developing the infrastructure for post-trade operations, led by CMA and implemented by Kuwait Clearing Company, in cooperation with Boursa Kuwait and the Central Bank of Kuwait. Al-Yaqout added that Kuwait Clearing Company plays a vital role in the areas of clearing, settlement, depository, collateral management and risk mitigation; thereby, contributing to the alignment of the Kuwaiti capital market with international standards, such as IOACO and PFMI. He affirmed that there is a reconciliation period extending six months from the start of the phase, in addition to another phase for transferring client funds to brokerage firms after obtaining their approval. He said a date has been set for this phase and July 17 is the deadline for this step

By Najeh Bilal
Al-Seyassah/Arab Times Staff