EV giant Tesla has leased a space in Pune to set up its first office in India. As reported by Inc42, it has leased over 5,850 sq ft. area, on the first floor of Panchsil Business Park in Viman Nagar, Pune.
It has signed a 5-year lease agreement with Tablespace Technologies Pvt Ltd and will be paying a monthly rent of INR 11.65 Lakh for the area and a security deposit of INR 34.95 Lakh. The agreement also includes provisions for five car parks and 10 bike parks.
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It is to be noted that Elon Musk, the visionary founder of Tesla, which is a numero uno electric car manufacturer in the world, met Prime Minister Narendra Modi during his state visit to the US and said that he would launch his car brand in India as soon as possible. Elon also said that he was very impressed by PM Modi.
Elon also wanted to bring some of its Chinese vendors to India but has been asked by Indian officials to copy Apple’s playbook in the country and ask its Chinese suppliers to set up joint ventures with Indian partners to get the clearance.
Earlier Tesla Chief Elon Musk criticized India’s High Import Duties
While being asked by he is not entering the Indian market, Musk used to criticize the high import duties on cars in India and put Tesla’s India plans on hold, however, after meeting Prime Minister Narendra Modi, the company seems to have changed its plans now.
As the Indian government has asked him to start manufacturing his cars in India in order to sell them in the Indian market, instead of China, where Tesla has its manufacturing unit.
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The move also becomes important as geopolitical tensions between Washington and Beijing have forced it to reduce reliance on China. Besides, the Indian government’s production-linked incentive (PLI) schemes to promote domestic manufacturing also seem to have attracted the company.
It is also reported that Tesla’s introductory model in India will cost Rs. 20 lakh which earlier used to cost over 45 lakh due to higher import duties. Besides the domestic market, the cars manufactured at the plant will also be exported.
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