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Tesla Inc CEO Elon Musk confirmed on Twitter replying to a fan who asked about the progress of the company's India entry plans saying, "Yea..Next year for sure".(REUTERS)
Tesla Inc CEO Elon Musk confirmed on Twitter replying to a fan who asked about the progress of the company's India entry plans saying, "Yea..Next year for sure".(REUTERS)
business

'As promised': Tesla CEO confirms entry into India's automobile market

The company has been registered as an unlisted private entity with a paid-up capital of ₹1 lakh.
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PTI, New Delhi
PUBLISHED ON JAN 14, 2021 07:31 PM IST

Tesla CEO Elon Musk has confirmed the company's plans to enter the Indian market, within days of the electric vehicle maker registering its arm in the country.

"As promised," Musk tweeted in response to a thread linked to a blog that analysed how India could still be a market to be developed for Tesla cars despite its high prices.

Earlier this week, it emerged that US electric car maker Tesla has registered its Indian arm amid indications that the company is set to enter the country's automobile market.

According to a regulatory filing, the firm has registered Tesla India Motors and Energy Pvt Ltd with Registrar of Companies (RoC) Bangalore.

The company has been registered as an unlisted private entity with a paid-up capital of ₹1 lakh.

Vaibhav Taneja, Venkatrangam Sreeram, and David Jon Feinstein have been appointed as directors of Tesla India, as per the RoC filing.

The company is reportedly in talks with five states as it explores feasibility of setting up its manufacturing unit and research and development (R&D) centre in India.

Last month, Union Minister Nitin Gadkari said Tesla is set to start its operations in the country in 2021 and would also look at setting up of a manufacturing unit based on demand.

Tesla had been linked with homegrown auto major Tata Motors for a possible partnership but the latter has denied such a plan.

In November last year, Musk confirmed on Twitter replying to a fan who asked about the progress of the company's India entry plans saying, "Yea..Next year for sure".

Musk had however in the past also used the Twitter platform announcing the company's intention to enter India.

In 2019 also, replying to a Twitter query, Musk had said that he "would love to be there this year. If not, definitely next!"

But, in 2018, he had cited as reasons the challenging regulatory environment for not being able to enter India.

Earlier, the Maharashtra government had said it is looking for potential investment from Tesla in the state and has held discussions with the company. PTI MSS RKL HRS

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