Elon Musk’s Tesla to set up first India showroom in Mumbai’s BKC
Tesla will be paying a rent of over Rs 35 lakh per month for the space which comes with some parking lots as well.
American electric vehicle (EV) maker Tesla has rented a 4,000-sq ft space in the Bandra Kurla Complex (BKC) business district to house its maiden showroom in the country, it was revealed on Wednesday.
The company, promoted by billionaire Elon Musk, will be paying a rent of over Rs 35 lakh per month for the space which comes with some parking lots as well, as per documents shared by CRE Matrix.
The launch of Tesla is a keenly awaited one and may well be a precursor to the pioneering auto company’s eventual plans to manufacture or assemble in India.
The lease for the space in Maker Maxity is for a period of five years, and the monthly rental will go up to nearly Rs 43 lakh a month with a 5% rent escalation per year, as per the documents.
The property on the ground floor is located very close to India’s first Apple store, and has been leased from Univco Properties.
A rental agreement was registered between Univco and one of Tesla’s arms having its offices in Pune on February 27.
The monthly rent per square feet works out to Rs 881 at the starting rental, and a security deposit of Rs 2.11 crore has been paid, the documents said.
Elon Musk-owned Tesla is slated to enter the Indian market and is hiring for various positions in the country, according to listings advertised on LinkedIn.
The US-listed EV manufacturer's entry into India was first reported in January 2021, when it registered its Indian entity, Tesla India Motors and Energy Pvt Ltd, in Bengaluru, according to Ministry of Corporate Affairs filings.
Multiple media reports said the company was planning to launch its Model 3 in December 2020, but the talks fell through due to disagreements over import duties and local manufacturing requirements.
However, the company is seemingly picking up where it left off and is making strides to recruit for its Indian subsidiary.
Edited by Swetha Kannan