As Elon Musk-owned affordable satellite internet service Starlink gets prepared to finally launch its services in India, his other venture, electric car company Tesla, is also stepping closer to kick-off its operations in the country from this month. Although not manufacturing in the country at the moment, the company is set to open its first showroom in Mumbai on July 15.
Called an “experience centre”, the Tesla showroom in the financial capital is situated in a 4,000 square feet retail space, which is closer to US tech giant Apple’s flagship store in the city. This move comes as part of Tesla’s broader expansion strategy in India. In June, the company leased a commercial space in Mumbai’s Kurla West, which is expected to serve as a vehicle service facility.
Tesla now has four commercial properties in India, including an engineering hub in Pune, a registered office in Bengaluru, and a temporary office near BKC. Tesla India Motor and Energy Private Ltd had leased a 24,500-square-foot space in Mumbai’s Kurla West to set up a service centre, located close to its upcoming showroom in BKC. This move marks a significant step in Tesla’s plans to enter the Indian electric vehicle (EV) market, although the company does not currently intend to manufacture vehicles in the country.
According to real estate documents sourced by CRE Matrix, a property data analytics firm, Tesla signed a lease and license agreement with Bellissimo in City FC Mumbai I Private to rent the space in Lodha Logistics Park.
The agreement is for five years, with a starting monthly rent of Rs 37.53 lakh. Throughout the lease, Tesla will pay nearly Rs 25 crore in total, including a security deposit of Rs 2.25 crore, as per the documents.
Tesla has made it clear that its current interest lies only in selling its vehicles in India, not in manufacturing them at the moment. “They are not interested in manufacturing in India,” Union Heavy Industries Minister H.D. Kumaraswamy said last month.
He added that Tesla is planning to open showrooms in India purely for sales. The government has notified guidelines for its forward-looking EV scheme to enable fresh investments from global manufacturers in the electric cars segment and promote India as a global manufacturing hub for e-vehicles.
(This story is sourced from a third-party syndicated feed. Raavi Media takes no responsibility or liability of any nature. Raavi Media management/ythisnews.com can alter or delete the content without notice for any reason.)