Billionaire Elon Musk's Tesla is getting into top gear for entering India and has finalised a deal to open its showroom in Mumbai, according to a report in the Times of India.
Elon Musk's entry into India with Tesla will heat-up the EV race in one of the world's largest automobile markets. (AFP)
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The showroom is located in the famous Bandra Kurla Complex and is reportedly spread across 4,000 square feet on the ground floor. The deal has been finalised at ₹900 per square feet per month, or around ₹35 lakh per month for the entire space. This makes it one of the highest rents for commercial space.
According to previous reports, Tesla is also planning to open a store in Delhi's Aerocity, a premium locality situated next to the country's largest airport Indira Gandhi International Airport.
Tesla's long-awaited India entry is seeing progress in recent months after Prime Minister Narendra Modi visited US on an official trip. He met Musk during the trip along with US President Donald Trump and other top diplomats.
A few days after PM Modi returned from the North American country, Tesla posted 13 job openings in India in Mumbai and Pune.
How much will a Tesla car cost in India?
Following PM Modi's visit, India had also slashed import duties on premium EVs (priced above $35,000) from 110% to just 15%. According to a report by CLSA, the on-road price of the Tesla Model 3 in India would be around ₹35-40 lakh. This price includes costs like road tax and insurance.
If Tesla positions the Model 3 at a price 20-50 per cent higher than domestic EV models like Mahindra XEV 9e, Hyundai e-Creta, and Maruti Suzuki e-Vitara, the report added that it is unlikely to disrupt the Indian EV market significantly.
The recent decline in Mahindra and Mahindra's stock price is likely factoring in a possibility that Tesla may gain market share by launching an entry-level model priced below ₹25 lakh on road, CLSA said.
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Home/Business/Elon Musk finalises opening of Tesla showroom in Mumbai's Bandra Kurla Complex: Report
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