Tesla has signed a five-year lease for its first showroom in Mumbai with an annual rent of approximately $446,000. The showroom will be located in Bandra Kurla Complex, aligning with the company’s renewed strategy to export cars to India. Additionally, Tesla plans to open locations in New Delhi following discussions between CEO Elon Musk and Prime Minister Modi.
Tesla, the prominent US electric vehicle manufacturer, has entered a leasing agreement for its inaugural showroom in Mumbai, marking a pivotal step towards exporting its vehicles to India. Following a previous withdrawal from similar initiatives, the company is now poised to launch in the Indian market, as confirmed by registration documents.
The lease, effective from February 16, 2025, spans five years. The initial rental fee for the 4,003 square foot showroom is approximately $446,000, equivalent to INR 3.87 crore, with a planned annual increase of 5 percent, culminating in a total of about $542,000 by the fifth year. This space is nearly as large as a basketball court.
Strategically located within the Maker Maxity building in the bustling Bandra Kurla Complex, the showroom is adjacent to the city’s airport. Recent reports indicate that Tesla is also planning two additional showrooms in New Delhi. This development follows a meeting between Tesla’s CEO, Elon Musk, and Indian Prime Minister Narendra Modi in the United States.
In conclusion, Tesla’s signing of a lease for its first showroom in Mumbai signifies the company’s renewed commitment to entering the Indian automotive market. With an aggressive five-year rental agreement and strategic location, Tesla appears well-positioned to expand its presence in India after a previous reconsideration of such endeavors. This development aligns with the broader trend of growth in the country’s electric vehicle sector.
Original Source: indianexpress.com
