New DelhiA few moments ago
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Tesla’s first store has opened in Mumbai.
Ilon Musk’s company Tesla’s first store in India has opened in Maxity Mall in Bandra Kurla Complex (BKC) in Mumbai. On this, CEO Anand Mahindra of Mahindra & Mahindra posted Tesla by posting on X.
He wrote, ‘Welcome to India, Alan Musk and Tesla. One of the world’s largest EV markets has become even more exciting. Competition promotes innovation and much is yet to be done. Let’s meet at the charging station. ‘
Anand Mahindra also shared a screenshot of a 2017 post, in which he said, ‘Elon comes to India, do not want to leave the entire market, Mahindra, isn’t it? The more, the more fun and green! ‘ At that time Musk replied, good point.
Tesla’s showroom will work as Experience Center
The Tesla Store will work as an experience center for the people. That is, not only the company’s electric vehicles will be sold here, but people will also be able to see Tesla’s technology and features closely.
According to India’s new EV policy in 2024, if Tesla invests Rs 4,150 crore, the import duty will decrease from 70% to 15%. This can reduce the prices of company cars in future.
Some time ago it was reported that Tesla is considering setting up factory in states like Gujarat, Maharashtra, Tamil Nadu and Telangana, but currently the company is focusing on selling only imported cars in India.
Tesla’s major reasons for coming to India
1. Search for a new market due to decrease in global cells
In the Global Market in the year 2024; Tesla’s sales have fallen, especially in America, Europe and China. In Germany and Italy, it fell by 76% and 55%. India is the third largest auto market in the world and the market share of EV is around 5%. Therefore, Tesla seems to see new growth opportunities here. EV demand is increasing in India. In India, 99,165 electric vehicles were sold in 2024 with a growth of 19.93%.
2. India’s new EV policy
The new EV policy reduced the import duty from 100% to 70%, provided the company invests ₹ 4,150 crore in the EV sector. It will be reduced to 15% when it starts manufacturing at local level in three years. This gave Tesla a chance to import electric vehicles like model Y with low tax.
3. Demand in premium EV segment
The demand for luxury EV is increasing in India. Tesla’s model Y (₹ 59.89-67.89 lakh) targets the segment, which will compete with BMW IX1 and Mercedes EQA. The Indian EV market is expected to sell more than 28 lakh electric vehicles by 2030.
What will be the effect on the auto market with Tesla’s arrival in India
India is the third largest auto market in the world and the demand for EV is increasing rapidly here. The government is also promoting electric vehicles. In such a situation, Tesla’s arrival can bring a new revolution in this sector.
Initially, its impact will be limited to the premium segment due to the high price of Tesla and imported duty. Mass-market brands are less expected to have immediate impact on companies like Tata, Mahindra.
Tesla will have competition with which cars in India?
Tesla will get a challenge from local companies like Tata Motors and Mahindra & Mahindra in India. Apart from these, brands like byd, BMW, Audi and Mercedes will also compete with Tesla. Tesla’s technology and brand value make it different, but the price and service network of local companies will be a big challenge.
- Tata Motors: The largest player with more than 60% shares of EV market in India. Tata Nexon EV -like models will compete with Tesla.
- Mahindra & Mahindra: Mahindra’s BE6 and Xev 9E models will be competitions for Tesla. Mahindra’s strong brand can compete with Loyalty and Affordable Pricing Tesla.
- Mg Motors: Cars like Windsor and Sibster can challenge Tesla’s premium segment. Its 22% market share in India is also a factor.
- Byd: The Chinese company will compete in Byd’s ATTO 3, Seal, and E6 models in Tesla’s premium and technology-focused segment. However, its presence in India is limited.
- Hyundai: Cars like Ionic 5 and Creta Electric of this South Korean Company can compete in Tesla’s premium EV segment. Its detailed dealership network is also a factor.
- BMW, Audi, Mercedes: European brands will compete with luxury EVs Tesla’s cars like BMW’s i4 and IX, Audi’s E-Tron and Mercedes’ EQ series in the premium market.
Read this news related to Tesla …
Tesla’s first car launch in India: two variants of model Y, 500km on full charge and 622km range, price starts from ₹ 60 lakh
Elon Musk’s EV company Tesla has launched the first electric SUV model Y in India. The company claims that this car can run up to 622 km in full charge once. The car has features like Level-2 Edas with 8 airbags for safety.
The electric car has been introduced in two variants- rear wheel drive (RWD) and long range rear wheel drive (RWD) in India. The ex-showroom price of its RWD variant is 60 lakh rupees. At the same time, the price of the long range variant is 68 lakh rupees. Whereas, in the global market, this car also comes with an all wheel drive option. Read full news …
