Elon Musk, the wealthiest person in the world and CEO of Tesla, is finally making this long-anticipated Tesla foray into India a reality.
Musk, who overtook Amazon founder Jeff Bezos last week as the wealthiest man in the world with a whopping $195 billion net worth, said in October last year that the electric car company was eventually ready to enter the Indian market next year. Reacting to a Tesla Club India tweet, Musk tweeted: “The order configurator is likely to be released in January.”
Next year for sure
— Elon Musk (@elonmusk) October 2, 2020
A new Indian company is registered in Bengaluru with the US-based electric vehicle manufacturer Tesla. David Jon Feinstein, Vaibhav Taneja, and Venkatrangam Sreeram were named as the directors of the Indian subsidiary by the EV giant.
The filings disclosed that it will be the duty of the subsidiary to facilitate the selling of electric cars and energy goods, including materials, parts, appliances, and accessories. It may also take part in operations such as the acquisition and procurement of components for cars, parts, accessories, and the provision of manufacturing, technological assistance, and training facilities.
Importing, distributing, supplying, servicing, sustaining, and restoring electric cars and stationary energy storage systems and equipment, energy production systems and equipment shall be the items to be undertaken by the company upon incorporation and it shall also conduct all operations about the marketing, servicing and/or sales of any of the aforementioned goods.
According to the records, the subsidiary was registered with a paid-up capital of Rs 1 lakh and an approved capital of Rs 15 lakh, divided into 150,000 equity shares of Rs 10 each.
Karnataka Chief Minister BS Yediyurappa expressed satisfaction over the launch of Tesla in India in a now-deleted tweet. He said, Welcoming the richest man in the world, Karnataka will lead India’s path to Green Mobility.
Tesla, a maker of electric vehicles, will soon launch operations in India with an R&D unit in Bengaluru. The electric carmaker giant is also in communication with as many as five state governments to set up operations in the region, including Maharashtra, Gujarat, Andhra Pradesh, and Tamil Nadu, according to sources.
Earlier, Elon Musk confirmed Tesla’s expansion into the Indian market as well. Last month, in response to a post with a photograph of a T-shirt with the message: “Next year for sure” Musk said, “India wants Tesla” on Twitter.
Tesla’s entrance into India comes at a time when Prime Minister Narendra Modi is steadily concentrating on facilitating the use of electric vehicles. India is increasing its electric car charging system to dramatically increase the proportion of electric cars on the highways. The US-based renewable energy corporation, in addition to electric cars, allows battery storage from home to grid size, solar panels, and solar roof tiles.
Tesla sales staff are currently focusing on developing custom sales and production orders for the Indian market, ensuring that once the setup is completed, orders are complete and checked. The step would also encourage India to choose one of the countries where it is possible to buy Tesla vehicles.