On January 8, it registered a company named Tesla India Motors and Energy in Bengaluru. The company has an authorised capital of Rs 15 lakh and has its registered office on Lavelle Road in the city.
The US electric carmaker is known to be doing R&D in association with at least one of the auto engineering companies in Bengaluru.
Founder Elon Musk, the world’s second richest man, had indicated last year that Tesla would start selling its cars in India in 2021.
Union road transport and highways minister Nitin Gadkari had said in December that Tesla will commence sales in India in 2021, and would evaluate assembly or manufacturing based on the market response it receives.
Tesla’s market capitalisation has gone up more than 750% in the past year, valuing the electric vehicle maker at about $800 billion, miles ahead of the other auto behemoths like GE, Toyota and Ford. While Tesla’s cars will be outside the reach of most in India due to the high price coupled with heavy import duty, the company’s presence has the potential to accelerate the drive towards electric mobility.
(With input from agencies)