Following in Apple's footsteps, is Tesla building a new factory in India?

Tesla's recent stock performance has been eye-catching, rebounding from around $150 at the end of April to around $190 recently. However, with some macro headwinds emerging, Tesla's upward resistance has increased.

Of course, in addition to macro factors, investors also need to pay attention to Tesla's own progress.

For example, Tesla has announced that it will choose another factory location by the end of this year.

Could Tesla build a factory in India?

India looks like one of the most likely choices, Tesla said in an interview at The Wall Street Journal CEO Council Summit on Tuesday. "India is an interesting choice, but I haven't committed to landing anywhere," he said.

Tesla currently has factories in the United States, Germany, and China, and has confirmed plans to build its fifth car assembly plant in Mexico.

India has long been a popular choice for large tech companies seeking to increase production bases outside of China. Apple is increasing its device production in India.

Despite differences in import duties on cars in India, Indian officials have held talks with Tesla in recent weeks about manufacturing incentives, according to Reuters.

Other countries mentioned as potential new Tesla sites include Indonesia and South Korea.

Tesla is committed to expanding its supply chain

Oppenheimer analyst Colin Rusch recently visited Tesla's Austin super factory.

"With production in Austin clearly accelerating since March, we see Tesla investing in critical innovation to scale its supply chain and attempt to reduce geopolitical risk," Rusch wrote.

All of this is favorable for future growth and profit margins. Tesla's own lithium refining business is also under construction.

Rusch added that he is not a Tesla bull, but Tesla is working "to continue to far outpace its peers." Rusch rates Tesla stock as hold, but has not set a price target. This means he expects Tesla's performance to be in line with the broader market.