Tesla is taking the next steps towards its long-awaited debut in India, offering refunds to customers who had made early reservations for its Model 3. According to emails obtained by Bloomberg, the American electric vehicle giant is returning the booking fees of Indian customers who made their reservations as far back as 2016.
In the emails sent to these early backers, Tesla stated: “We would like to return your reservation fee for the time being. When we finalize our offerings in India, we will reach out in the market again. We hope to see you back with us once we are ready to launch and deliver in your country.”
The decision to refund these long-pending reservations comes as the company phases out the older generation of the Model 3. The move has sparked excitement among those following Tesla’s journey in India, as it hints at the company’s preparations to enter the country’s growing electric vehicle market.
This news follows Tesla’s recent announcement that CEO Elon Musk plans to visit India later this year, a move that coincides with ongoing negotiations between India and the US over a potential trade deal, which could lead to reduced tariffs on automobiles. The reduced tariffs could potentially reshape Tesla’s future plans for India and make the market more accessible to the electric vehicle manufacturer.
The decision to offer refunds also comes in light of Tesla’s global sales struggles, which saw its vehicle deliveries dip last year for the first time in over a decade, largely due to increased competition from companies like BYD. Despite this, the company is still eager to tap into India’s growing upper-middle class, which is showing an increasing demand for premium electric vehicles. However, Tesla’s entry into India might have consequences for local car manufacturers that depend on their manufacturing plants for employment, adding an element of tension to the country’s automotive landscape.
While the official announcement of Tesla’s India launch remains pending, the refund of the old reservations marks an important step forward in the company’s efforts to carve a space in India’s expanding electric vehicle market.
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