One Step Closer
A renowned billionaire and recently crowned richest man on the planet, Elon Musk’s Tesla. has set up a subsidiary in Bengaluru ahead of a planned introduction of its electric cars in India this year. Tesla India Motors and Energy Pvt. Ltd. has registered its office a Lavelle Road, a business district of Bengaluru, with a paid-up capital of Rs. 1 lakh and authorized capital of Rs. 15 lakh. Musk, the Founder and CEO of Tesla said on Twitter last year that the company plans to enter India in 2021.
Tesla India has also named Vaibhav Taneja, Venkatrangam Sreeram, and David Jon Feinstein as its three directors. “We have been interacting with Tesla for the last few months and it is happy news that it has decided to incorporate its company here. We have impressed upon them that Bengaluru is not only the technology capital but also the aerospace and space capital,” said Gaurav Gupta, State Principal Secretary for Commerce and Industries.
Inflection Point for Electric Mobility in India
As Tesla is considered one of the most aspirational brands across the globe, the formation of its subsidiary is expected to be significant for India’s economy and its nascent EV industry. This can be an inflection point for electric mobility in India and might convince more prospective customers to consider buying an EV in the future. This investment from Tesla might also convince other leading vehicle manufacturers and their component suppliers to invest in India for the development of EVs and related parts.
Eying India’s EV Market
Alongside Tesla, mobility startups such as Ola, Uber, Bounce, and Vogo have set targets to include more electric vehicles in their fleets. Ola is also entering EV manufacturing with a two-million two-wheeler EV plant coming up in Tamil Nadu for Rs. 2400 crore. Moreover, other large automakers such as Mahindra, Hero, and Hyundai, along with startups like Ather Energy are also pressing ahead with plans to capture a bigger share of India’s nascent EV market that still accounts for less than 1% of the entire automobile market in the country.
Related: Tesla acquires $1.29 billion Loan for Shanghai Factory
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