Tesla Enters India
World's richest man Elon Musk-led electric vehicle company Tesla registered a subsidiary enterprise in Bengaluru under the name Tesla India Motors and Energy Private Limited on January 8.
The company has an authorised capital of 715 lakh and a paid-up capital of 1 lakh, according to MCA filings.
At The Helm
Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein have been appointed as directors, according to a Registrar of Companies filing.
Original Plans
Tesla originally planned its entry to India in 2016. However, in 2018, CEO Elon Musk had cited the country's challenging regulatory environment for not foraying into India.
Rivals in Indian Market
Tesla's entry will likely intensify the race in the electric cars space in India.
It will be competing with Indian car makers like Mahinc and Mahindra. Tata Motors and Maruti, as well as startups like Pravaig Dynamics and Tork Motors.
Heavy Duty Tax
A 100% import duty is levied on Completely Built Up vehicles that are sold in India. Whichever Tesla car comes here first will have this duty levied onto it unless the government gives some concessions.
Reportedly, Model 3, which is the most affordable model in Tesla's line up, will likely be first to launch in India.
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E-Vehicle Infrastructure in India
India currently has reportedly around 500-600 electric vehicle charging stations. In February 2020, the government had given a nod to firms to set up 2,600 EV charging stations.
In a push to e-vehicles in India, Union Minister Nitin Gadkari had announced setting up infrastructure for one e-charging kiosk at around 69,000 petrol stations across India.