Tesla has entered the Indian market by registering its subsidiary in Bengaluru which makes its much-speculated entry in India official.
The development is not sudden as Union minister for road transport and highways Nitin Gadkari in December confirmed that Tesla would be coming to India in early 2021. Tesla CEO Elon Musk, who enjoyed a short stint as the world’s richest person as he fell back to second place on Monday, had said in October that the process to bring Tesla cars to India would begin in January 2021.
Here is what we know so far
- According to reports, Tesla India Motors and Energy Private Limited was incorporated in Bengaluru on January 8.
- The company has been incorporated as a subsidiary of a foreign company.
- Three directors have been listed: Vaibhav Taneja, Venkatarangan Sreeram, and David Jon Feinstein.
- It has been registered as an unlisted private entity with a paid-up capital of ₹1 lakh. Its authorised share capital is ₹15 lakh.
- The registered office is at Lavelle Road, Bengaluru.
- Speculations are rife about Tesla’s India operation. It may launch its fully electric Model 3 Sedan in India, to be priced at ₹60 lakh, reports indicated.
- Initially, it will start with sales. Assembly, manufacturing will be taken up at a later phase.
- According to reports, the company is in talks with other state governments too as it is looking for local partners.
- It’s not yet known what Tesla’s Bengaluru unit will do. This can be a research and development unit.