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Tesla India Motor & Energy Establishes a Foothold in India and Leases Its First Office in Pune
Tesla India Motor & Energy Pvt Ltd, the Indian arm of the electric car giant, has made its first move towards establishing a physical presence in the country. The company has leased office space at Panchshil Business Park in Pune for a period of five years. The 5,850 square feet space, located on the first floor, has been leased from Tablespace Technologies, and the rent starts at 11.65 lakh per month.
The registration details, made available by data analytics firm CRE Matrix, reveal that the lease has a lock-in period of 36 months, with an annual rent escalation of 5 percent. The lease is set to commence on October 1, after which the space will undergo fit-outs. “We are just trying to figure out the right timing I am confident that Tesla will be in India and will do so as soon as humanly possible,” said Tesla founder Elon Musk during his meeting with Prime Minister Narendra Modi last month, expressing his plans for an India entry and investing in a car-making facility.
The Indian government has been encouraging Tesla to emulate Apple’s model in India and collaborate with local partners who can work with Chinese suppliers. However, India is cautious about wholly-owned Chinese auto component companies setting up in the country, as certain critical parts for electric car production are currently unavailable locally and have to be sourced from China.
Tesla’s registration in Bengaluru took place earlier in 2021, and since 2019, Musk has been expressing interest in setting up operations in India. Although there were previous reports of the company setting up an office in Mumbai’s Lower Parel area and opening a retail showroom, no concrete developments have materialized.
Musk has also been in discussions with the Indian government to lower import duties on electric cars to facilitate Tesla’s import and sale in India and gauge its potential success in the market. With the recent lease of office space, Tesla’s presence in India takes a significant step forward, indicating its commitment to entering the Indian market in the near future.
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