Tesla Inc. is finally kicking into motion its India entry, with the company set to open its first showroom in the country. The showroom, located in India’s financial capital, Mumbai, will officially open its doors on July 15th.
What Happened
According to influencer Sawyer Merritt, Tesla’s first showroom in India will be launched on July 15th. This move comes after the company has been eyeing an entry into the Indian market for a while, but faced regulatory hurdles and high duties levied on luxury EV imports into the country.
Why It Matters
The Indian government recently slashed import duties from 110% to 15% on EVs priced above $35,000, which is a boost for Tesla’s India ambitions. A Tesla Model Y was also spotted testing in Mumbai, indicating the company’s preparations for its India debut. Additionally, Tesla was hiring for multiple roles in India ahead of the launch, with the company looking for motivated talent to help launch its operations in the country.
Key Developments
- Tesla’s India head, Prasanth Menon, recently stepped down from his role, after heading the company’s operations in India for four years.
- The company has been working on its retail leases in Mumbai and the capital, New Delhi.
- Tesla offers poor Momentum and Value, while scoring well on the Growth metric and offering satisfactory Quality.
Next Steps
With the launch of its first showroom in India, Tesla is set to make its mark in the country’s growing EV market. As the company continues to expand its operations in India, it will be interesting to see how it navigates the regulatory environment and competes with other players in the market.
Related News
- Tesla’s annual shareholder meeting is set for November 6th, with Elon Musk’s $56 billion pay package expected to be a key focus.
- The company’s India launch is part of its larger plans to expand its presence in the global EV market.