Tesla’s first India branch has been registered in Bengaluru, and the company is ready to begin its operations. Venkatrangam Sreeram, David Jon Feinstein, and Vaibhav Taneja are the three directors that have been appointed in the registered entity. This marks the beginning of the company’s venture in the huge market of India. But it is tough to say how the cars from the company will perform because of the huge price hike as compared to their US cost.
Tesla’s first India branch gets registered in Bengaluru
The filings say that Tesla India Motors are registered in Bengaluru as a branch of a foreign company. Tesla has also registered its business office in the city after making all the necessary payments. The payments were made with Rs 1 lakh’s capital and an authorized capital of Rs 15 lakh. The state’s principal secretary said that they have been in touch with Tesla for quite some time now. And they are glad to announce that Tesla India has started its operations in India from Bengaluru, Karnataka. With all the talent and technology choosing Bengaluru will help the company in numerous ways.
He also says that Tesla is independent of the way they want to conduct their business in India. But they are optimistic that the company will soon start research and development in the country. The government even mentioned earlier that Tesla is planning to soon set up the manufacturing and research centers in the state. And all the required space and support for that will be provided by the government.
Tesla’s future in the country
The Indian government has been promoting the usage of electric vehicles quite a lot. And the entry of Tesla in India will just boost their incentive even more. We might even see the government offer good subsidies on the purchase of EVs like in other countries. Plus, companies like Uber and Ola that have huge businesses in India are also planning to add EVs to their fleet of vehicles. While manufacturers like Hero and Hyundai are also stepping up their EV game in the country by manufacturing and delivering quality vehicles at cheap rates. We can still see Tesla being the king of the premium EV market in India.
With Tesla’s growth in India, the share prices of the company may rise even further. And also the fact that there isn’t a significant competition in the EV space like other countries means, if Tesla is able to price their cars well and deliver them on time, the scope of being the leader of the EV market in India is substantial. I think the goal of the company should be to start manufacturing in India as soon as possible. This way they can bring down the prices and get a better market share.
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