Tesla opens Mumbai showroom, partners with ACKO for insurance
Global EV giant Tesla has officially made its entry in India on Tuesday with the launch of its first experience centre at the Maker Maxity Commercial Complex, in Bandra Kurla Complex, Mumbai.
As Tesla gears up to enter India’s automotive market, the US electric vehicle maker has selected ACKO as its preferred insurance partner in the country.
The partnership aims to offer Tesla owners an end-to-end insurance journey, from quoting and purchasing to claims processing.
The global EV giant officially made its entry in India on Tuesday with the launch of its first experience centre at the Maker Maxity Commercial Complex, in Bandra Kurla Complex, Mumbai.
It will start offering the Model Y, with prices starting at Rs 59.89 lakh (ex-showroom). The electric SUV is currently available in a rear-wheel-drive (RWD) configuration only. The standard Model Y RWD variant is priced at Rs 59.89 lakh, while the Long Range RWD version comes in at Rs 67.89 lakh.
The experience centre was inaugurated by Maharashtra Chief Minister Devendra Fadnavis in the presence of other dignitaries.
According to industry experts PTI talked to, the Austin-headquartered company has already shipped the first set of cars, apparently Model Y rear-wheel drive SUVs, from its China plant.
Last month, Tesla India took on lease 24,565 sq ft of warehousing space in Lodha Logistics Park in Mumbai for five years.
Last week, Tesla India Motors and Energy Pvt Ltd—the Indian subsidiary of the company founded by Elon Musk—had received a trade certificate from the Regional Transport Office (RTO) in Andheri.
ACKO, founded in 2016, operates a direct-to-consumer insurance model across auto, health, and travel segments. The company claims to have distributed over 1 billion policies to 78 million customers, and provides embedded insurance through partnerships with over 50 internet platforms.
The startup crossed the Rs 2,000-crore revenue mark in FY24. The Bengaluru-based company's revenue from operations was Rs 2,106.25 crore, a 19.76% increase from Rs 1,758.64 crore in FY23.
Acko reported a narrower loss for FY24, with total losses at Rs 669.98 crore, down 9.28% from Rs 738.55 crore in FY23, according to the consolidated financial statements filed with the Registrar of Companies.
(With inputs from PTI)
Edited by Kanishk Singh