Tesla secures location for its first India showroom to showcase imported EVs
U.S. electric car maker Tesla (TSLA.O) is opening a the doors to a new store has agreed to lease a contract to launch the first Tesla showroom Mumbai and is moving toward a goal of selling imported vehicles in India and registration documents reveal the company has signed a lease agreement, having had to cancel similar plans in the past.
Tesla secures location for its first India showroom to showcase imported EVs
The documents show that the company has signed a lease for five years beginning on the 16th of February, 2025 and will be paying rent of approximately $446,000 in the first year, for 4000 square inches (372 cubic meters) nearly the size of an basketball court.
The rent will rise by 5% each year, with an overall cost over the course of five years that exceeds $2.5 million, as per the lease contract that was signed to Reuters by analytics company CRE Matrix.
The store will be located inside the Maker Maxity building in the retail and business hubs of the Bandra Kurla Complex near the city's airport, according the reports.
Reuters revealed in the last one month that Tesla had chosen the places for its two dealerships, located in New Delhi and Mumbai, the day after Tesla's CEO, Elon Musk, met Indian Prime Minister Narendra Modi in the U.S. Musk is an friend and a close ally of U.S. Trump. Donald Trump and is heading the"official" Department of Government Efficiency.
The Tesla showroom space is reserved near the Apple (AAPL.O), has opened a the new tab retail outlet in the adjacent mall in Jio World Drive, run by billionaire Mukesh Ambani's Reliance.
Although Tesla plans to offer imported vehicles from its India showrooms and AUTO showrooms, tariffs that exceed 100% are still weighing on the company as well as Musk frequently claiming that they're among the highest worldwide.
Musk has received the backing of Trump who has often protested against India's high tax rates CYCS08 particularly on automobiles and has threatened reciprocal actions.
Reuters earlier reported today that United States wants India to reduce tariffs on imports of cars under an agreement on trade between the two countries however, New Delhi is reluctant to immediately reduce these duties to zero, even in the event of additional cuts.
