Tesla, the world’s most valuable carmaker, has launched an Indian subsidiary as it prepares to create a much-awaited manufacturing plant and R&D unit in India.
The unit named Tesla India Motors and Energy Private Ltd was incorporated in Bengaluru on January 8, and Vaibhav Taneja, Venkatrangam Sreeram, and David Jon Feinstein have been named as directors, according to disclosures with the corporate affairs ministry.
A government official requesting anonymity told CNBC-TV18 that Tesla may not set up a manufacturing plant in India initially. “Tesla’s China factory may work as primary sourcing point initially. Tesla may start assembling vehicles in India after visible demand.”
It is a private unlisted company with an authorized capital of Rs 15,00,000 and a paid-up capital of Rs 1,00,000.
Earlier in the day, it was reported that Tesla is in talks with five state governments to commence operations in India. The governments of Maharashtra, Gujarat, Andhra Pradesh, Karnataka, and Tamil Nadu have had talks with the company who are also considering local partnerships.
Tesla to enter India in 2021, how will it impact Indian automakers?
The Karnataka government has already proposed a list of locations, Tumkur being one, to Tesla for setting up its manufacturing facility. Earlier in 2020, Tesla's Chief Executive Officer (CEO) Elon Musk hinted at the company entering India in 2021. "Next year for sure," Musk said on Twitter replying to a post with a photograph of a T-shirt with the message: "India wants Tesla".
Later, Union Minister of Road Transport and Highways Nitin Gadkari had also assured that Tesla will enter the Indian market in early 2021. It will enter India with the Model 3 Sedan, expectedly priced at around Rs 60 Lakh.