Tesla expects Indian buyers of Model Y to recoup one-third of price in 4-5 years

Tesla Model Y

U.S. electric vehicle maker Tesla expects Indian consumers to recoup about one-third of the Model Y's 6 million rupee ($67,220) price tag in fuel and maintenance savings over the next 4 to 5 years, the company's India General Manager Sharad Agarwal said on Wednesday.

Tesla entered India in July and priced its Model Y about 70% higher than the cost of the car in the United States due to high taxes.

India has 100% import tariffs on cars, which the firm's chief Elon Musk has called among the steepest in the world.

Indian customers can save around 2 million rupees while buying a Model Y in terms of maintenance and petrol costs, Agarwal said at an event in Gurugram city, neighbouring Delhi.

"Plus it has a high resale value. The cost of home charging is one-tenth of petrol prices," he added.