Tesla is getting all prepped up to kickstart its operations in India. The American carmaker has hinted in the past, several times, that it is eyeing to enter India but nothing concrete ever happened until this year. Tesla recently registered a subsidiary company in India, after sitting down with state governments regarding the same. And now, Karnataka Chief Minister BS Yediyurappa on Saturday officially confirmed that Elon Musk-owned Tesla would set up an electric car manufacturing unit in the state.
The announcement was part of the list of benefits promised to Karnataka in the Union Budget.
“American firm Tesla will open a electric car manufacturing unit in Karnataka,” the statement by Yediyurappa said. The statement came immediately after the CM said an industrial corridor was coming up at Tumakuru at a cost of Rs 7,725 crore that would generate 2.8 lakh jobs. Last month, Tesla registered its subsidiary Tesla India Motors and Energy Private Limited in Bengaluru. Yediyurappa had then tweeted that the electric car giant would open its R&D unit in the state capital before deleting it quickly.
Like we mentioned earlier, Tesla has also registered itself in India. According to a Registrar of Companies (RoC) filing, the new entity Tesla India Motors and Energy Private Limited is registered in Bengaluru, Karnataka and is classified as a subsidiary of a foreign company. It has also registered its office in Lavelle Road, a business district in the southern city, with paid-up capital of ₹1 lakh and an authorised capital of ₹15 lakh, according to the filing. Tesla has named Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein as the three directors in the newly formed entity in the country.
We believe that Tesla is going to enter India riding on the Model 3. Tesla Model 3 is among the most affordable models of Tesla till date. The car was first rolled out in 2017 and has emerged as the world’s best selling all-electric car. Tesla will import the vehicles as completely built units, with the capability of charging in 15 minutes. Tesla’s Model 3, along with Model Y, accounted for nearly 89% of Tesla’s total sales in the third quarter of 2020.