Key Points

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 has 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 a five-year period, with a starting monthly rent of Rs 37.53 lakh. Over the duration of 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 on Monday. He added that Tesla is planning to open showrooms in India purely for sales.

The minister was speaking at a press conference announcing that India’s flagship EV policy is now open for global carmakers who wish to manufacture and sell EVs in the country. Major players such as Germany’s Mercedes-Benz and Volkswagen, along with South Korea’s Hyundai Motor, have already shown interest.

All three companies currently have manufacturing operations in India. Hyundai has announced its plans to make India its global hub for EVs.

Volkswagen India, meanwhile, is closely watching how the EV policy unfolds and is carefully evaluating its implications before taking further steps.

The government has notified guidelines for its forward-looking scheme to enable fresh investments from global manufacturers in the electric cars segment and promote India as a global manufacturing hub for e-vehicles.

- IANS