Tesla, the renowned US electric vehicle manufacturer, is getting closer to its highly anticipated launch in India. The company has officially secured a location for its first showroom in Mumbai’s bustling Bandra Kurla Complex (BKC).
Sources in the property market reveal that Tesla has finalized a deal to lease a 4,000 sq ft space on the ground floor of a commercial building in BKC. This high-profile location will serve as a showroom to display Tesla’s electric car models. The monthly lease rent for this prime property is reported to be approximately Rs 900 per sq ft, amounting to Rs 35 lakh per month. The lease term is set for five years.
This development follows a significant meeting between Tesla’s CEO, Elon Musk, and Indian Prime Minister Narendra Modi in Washington, signaling the company’s renewed commitment to entering the Indian market. Shortly after the meeting, Tesla posted 13 job openings in India, marking a key step in the company’s plans to expand its footprint in the country.
In addition to the Mumbai showroom, Tesla is reportedly planning a second showroom in Delhi’s Aerocity complex. These moves suggest that Tesla could be preparing for a launch in the coming months, especially with the upcoming clarity on the India-US Bilateral Trade Agreement, which was announced following Modi’s meeting with US President Joe Biden.
One of the hurdles Tesla faces is India’s 110% import duty on vehicles, a concern that has been raised by both Musk and former President Donald Trump. Trump has criticized the high tariffs, claiming they make it challenging to sell cars in India and urging Tesla to set up a factory there. Musk has also called for lower tariffs, which has led the Indian government to draft new policies aimed at addressing this issue.
With these developments, Tesla’s entry into India seems imminent, and the company’s plans could have a significant impact on the country’s automotive landscape.
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