An electric vehicle manufacturer’s store in Beijing, China, gets passed by a Tesla automobile. The Reuters file. Images courtesy of Florence Lo After abandoning similar plans last year, US electric manufacturer Tesla has now inked a lease agreement to open its first showroom in Mumbai as part of its efforts to sell imported vehicles in India, according to registration documents. A request for comment from Tesla was not immediately answered.
According to the documents, the business has agreed to a five-year lease beginning February 16, 2025, and will pay around $446,000 in rent for the first year of the contract, which covers 4,003 square feet (372 square meters), or nearly the size of a basketball court. According to the registered lease agreement that analytics firm CRE Matrix gave to Reuters, the rent will rise by 5% annually, totalling more than $2.5 million over five years. According to the documents, the shop would be located in the Maker Maxity building in the Bandra Kurla Complex, a commercial and retail district close to the city’s airport.
Days after Elon Musk, the CEO of Tesla, met Indian Prime Minister Narendra Modi in the United States last month, Reuters reported that Tesla has chosen sites for two showrooms in New Delhi and Mumbai. Musk leads Donald Trump’s so-called Department of Government Efficiency and is a strong ally of the president. Since then, Tesla has listed around two dozen mid-level positions in India, including customer engagement, retail, and service managers.
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