Elon Musk’s Tesla is set to launch its first showroom in India at Mumbai’s BKC, occupying 4,000 square feet at a significant monthly rent. The company has secured a five-year lease and is planning a second showroom in Delhi. Following discussions with Prime Minister Modi, Tesla aims to import vehicles from Berlin and is considering an EV priced below $25,000 for the Indian market.
Tesla, the electric vehicle company helmed by Elon Musk, has successfully concluded negotiations for its inaugural showroom in India, located in the upscale Bandra Kurla Complex of Mumbai. As reported by the Times of India, this showroom will span approximately 4,000 square feet on the ground floor of a commercial tower and is expected to incur one of the highest rents in the area at ₹900 per square foot, totaling around ₹35 lakh monthly.
The lease for the showroom, characterized as a five-year agreement, comes in the wake of Musk’s recent discussions with Prime Minister Narendra Modi during the latter’s visit to the United States. Additionally, there are plans for a second showroom in Delhi’s Aerocity.
Following the productive meeting, which involved conversations about innovative technologies and India’s governance reforms, Tesla has also opened job postings for 13 positions in India. Notably, there are reports that Tesla is considering importing vehicles from its Berlin factory to commence sales in India. The initial target for Tesla is to introduce an electric vehicle priced at under $25,000 to the Indian market, despite the starting price for the Tesla Model 3 in the U.S. being around $35,000.
Although Musk has yet to make a firm commitment to establishing production in India, Tesla is currently sourcing over a billion dollars of components from Indian suppliers, with expectations of significant growth in this figure in the near future.
In summary, Tesla’s establishment of a showroom in Mumbai marks a significant step in its entry into the Indian electric vehicle market. With plans for further expansion in Delhi and a commitment to sourcing local components, the future of Tesla in India appears promising. This development follows high-level discussions between Elon Musk and Prime Minister Modi, indicating the potential for further collaboration in technology and innovation between the two entities.
Original Source: www.livemint.com
