US electric carmaker Tesla has signed a pact to open its first showroom in India reported Reuters. The carmaker has signed a five-year lease deal to open its first showroom in Mumbai.
The company has signed a five-year lease starting February 16, 2025 for a rent of about Rs 3,87,49,884 ($446,000) for the first year for a 4,003 square feet (372 square meter) space, as per the report with reference to the registration papers.
The rent will increase by 5 per cent every year and will reach about Rs 4,71,04,056 ($542,000) till the fifth year, as per the registered lease document accessed by Reuters.
The showroom will be located in the Maker Maxity building in the business and retail hub of Bandra Kurla Complex near the airport.
According to an earlier Reuters report, the company has reportedly chosen two locations for its first showroom in the country. While the first location was the BKC Complex, the other is Delhi’s Aerocity, both strategically located near airports.
The US automaker resumed its search for retail space in 2024 after holding its market-entry plans in 2022.
Last month, the Elon Musk-owned company posted job listings for 14 positions, including store and customer relationship managers.
ALSO READ | Tesla Sees Largest Fall In China-Made EV Sales Since August 2022
Modi-Musk Meeting
Today’s development comes a month after Tesla CEO Elon Musk met Prime Minister Narendra Modi during the latter’s visit to the US.
Musk, who also heads the Department of Government Efficiency (DOGE) in the Donald Trump administration, welcomed PM Modi at the Blair House.
In an official statement, the Prime Minister’s Office said that the two discussed strengthening collaboration between Indian and US entities in innovation, space exploration, artificial intelligence, and sustainable development.
“Their discussion also touched on opportunities to deepen cooperation in emerging technologies, entrepreneurship and good governance. Mr Musk was accompanied by family members for the meeting,” PMO added.
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