Tesla registered a local company in India in January this year and expects to import and sell Model 3 sedans as early as mid-2021, ready to target wealthy customers in a niche market.
According to reports, Tesla is looking for commercial properties of 20,000-30,000 square feet to open showrooms and service centres in the capital New Delhi, the financial hub of Mumbai in the west and the tech city of Bangalore in the south. In addition, Tesla has hired Manuj Khurana, a former executive of the Indian Investment Promotion Agency, as its first key employee to lead its policy and business development efforts in India.
Tesla CEO Elon Musk tweeted that the company is "definitely" coming to India in 2021, although the billionaire has posted similar tweets in the past.
The search for showroom space and Kulana's appointment signals that Tesla is gathering pace. CBRE Group, the global real estate advisor hired by Tesla, has been investigating locations for weeks and is focusing on places that will give the company easier access to affluent customers, sources said. Some luxury car showrooms in high-end areas of metro cities are typically between 8,000-10,000 square feet, but in India most showrooms are smaller and demand for high-end real estate space in these locations often exceeds supply. India is therefore unlikely to be an easy market for Tesla to conquer.
On top of this, the country has a very tight charging infrastructure, high taxes on imported cars and low uptake of electric vehicles. Of the total 2.4 million vehicles sold last year, only 5,000 electric vehicles were sold in India, compared to 1.25 million new energy vehicles sold in China.
However, analysts say that as the Indian government increases its efforts to promote energy vehicles and the number of affluent Indian consumers continues to grow, India will become a market that car manufacturers cannot afford to ignore.
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