Elon Musk-led Tesla's India Entry Kicks Off With First Showroom In Mumbai: Launch Set For July 15 - Tesla

Tesla Inc.'s (NASDAQ:TSLA) India entry could finally be kicking into motion as the company will open the doors to its first showroom in the country.

Check out the current price of TSLA stock here.

What Happened: The EV giant "will officially open its first showroom in India this upcoming Tuesday, July 15th!" said influencer Sawyer Merritt in a post on social media platform X on Thursday.

The showroom will be located in India's financial capital, Mumbai, the influencer said in the post.

Why It Matters: The move comes as Tesla was eyeing an entry into the Indian market for a while, but was faced with regulatory hurdles and high duties levied on luxury EV imports into the country. However, the Indian government slashed import duties from 110% to 15% on EVs priced above $35,000 in what is a boost for Musk's India ambitions. A Tesla Model Y was also spotted testing in Mumbai.

The company was also hiring for multiple roles in India ahead of the launch. "Tesla is growing – we are looking for motivated talent to help us launch in India," Manish Bansal, an Indian origin engineer working for the company, had shared on LinkedIn.

However, the company's India head recently stepped down from his role this year. Prasanth Menon, who headed the company's operations in India for four years, was instrumental in Tesla's first retail leases in Mumbai and the capital, New Delhi.

Tesla offers poor Momentum and Value, while scoring well on the Growth metric and offering satisfactory Quality. For more such insights, sign up for Benzinga Edge Stock Rankings today!

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read Next:

Tesla’s Annual Shareholder Meeting Set For November 6th, Dan Ives Says Elon Musk’s $56 Billion Pay Package ‘Will Be The Focus’

Photo courtesy: Trygve Finkelsen on Shutterstock.com

TSLATesla Inc

$346.30-0.76%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.