Tesla To Enter India Early Next Year, Transport Minister Confirms

Tesla Inc TSLA is set to debut in India early next year, the country's Union Minister for Road Transport and Highways Nitin Gadkari told the Indian Express at an event held Monday.

What Happened: The minister said that Tesla would commence operations with sales and then look at assembly and manufacturing based on the response to the cars. 

The Palo Alto, California-based company will mark its Indian foray by launching its Model 3 vehicle, bookings for which could begin in a few weeks, the Indian Express noted.

The cars are likely to be priced at INR 5.5 million ($74,559), as per Indian media.

Why It Matters: A Standard Range Plus model in the United States costs $30,190, while the same vehicle in China costs RMB 249,900 ($38,239).

See Also: Tesla Drives Indian Retail Investors Into A Frenzy Ahead Of Planned Expansion

Musk confirmed on Twitter in October that Tesla would debut in India in 2021. Local media reports emerged earlier that Tesla could begin taking orders for the Model 3 in a few weeks’ time.

In 2016, Tesla collected a $1,000 deposit from potential buyers in India but those consumers have yet to receive the cars and say they feel let down, as per the Indian Express.

Price Action: Tesla shares closed nearly 0.3% higher at $663.69 on Monday and fell 0.56% in the after-hours session.

Related Link: Tesla To Debut In India By 2021, Expects Roth Capital's Irwin, Raises Price Target

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. 

Market News and Data brought to you by Benzinga APIs
Posted In: NewsEventsTechMediaelectric vehiclesElon MuskEVsNitin GadkariThe Indian Express
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!