Tesla rolls into India with costly Model Y due to high tariffs
With deliveries estimated to start from the third quarter, Tesla is targeting a niche electric vehicle segment in India that accounts for just 4% of overall sales in the world's third-largest car market.
It will compete mainly with German luxury giants such as BMW and Mercedes-Benz rather than domestic mass-market EV players such as Tata Motors and Mahindra.
Tesla opened its first showroom in Mumbai yesterday and began taking Model Y orders on its website, marking its long-awaited entry into the market where Musk once had plans to open a factory.
For now, Tesla will import cars into a country where tariffs and related duties can exceed 100%, driving up the price for consumers.
Grappling with excess capacity in global factories and declining sales, Tesla has adopted a strategy of selling imported vehicles in India, despite the duties and levies.
The US EV maker has long lobbied India for lower import tariffs on cars, and Prime Minister Narendra Modi's officials remain in discussions with US President Donald Trump's administration to lower the levies under a bilateral trade deal.
But the cars Tesla displayed in Mumbai were made in China, and its US factories do not currently make the right-hand drive vehicles that are used in India.
Tesla's Model Y rear-wheel drive is priced at about 6 million rupees (US$70,000), while its Model Y long-range rear-wheel drive costs 6.8 million rupees.
That compares with a starting price from US$44,990 in the US, 263,500 yuan (RM155,992) in China, and €45,970 (RM228,250) in Germany.
The firm's Full Self-Driving capability is on offer at an additional cost of 600,000 rupees, with future updates promised to enable operation with minimal driver intervention. – Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
27 minutes ago
- Barnama
Doctor Duped Of RM468,000 In Online Investment Scam
KUANTAN, Aug 20 (Bernama) -- A 55-year-old woman doctor lost RM468,000 after falling victim to an online investment scam advertised on Facebook in May. Pahang police chief Datuk Seri Yahaya Othman said the victim was attracted by the advertisement and was later contacted by an individual posing as a representative of Nikko Asset Management, allegedly based in Singapore. 'The suspect promised returns of 80 to 128 per cent within a month. Convinced by the offer, the victim made 14 transfers into four different accounts between June 17 and Aug 6, using her Employees Provident Fund savings,' he said in a statement today.
New Straits Times
41 minutes ago
- New Straits Times
Star Media faces earnings void without new property launches, says Kenanga
KUALA LUMPUR: Star Media Group Bhd could see an earnings gap if no new property projects are launched to take the place of the completed Star Business Hub, Kenanga Research said. It said the absence of this major profit contributor could lead the group into losses in the coming quarters. "This would be the case, particularly if the recent recovery in Star Media's core print, digital & events (PDE) business proves short-lived. "This concern is underscored by PDE's track record of six consecutive quarterly losses from the fourth quarter of financial year 2023 to the first quarter of financial year 2025 before its rebound in the second quarter of financial year 2025," the research house said. Kenanga Research expects Star Media to post weaker earnings in the second half of financial year 2025, following a one-off gain in the first half from the sale of the latest Star Business Hub unit in January 2025. The research house said its forecasts take a conservative view, assuming the final unit will be sold by financial year 2026 (FY26). It projected a financial year 2025 loss of RM500,000, reflecting lower progress billings at Star Business Hub, and cut FY26 earnings by 57 per cent to factor in softer advertising revenue from the radio segment. TA Securities expects Star Media's core print and radio broadcasting segments to remain under pressure, as advertisers stay cautious with spending amid inflation and wider macroeconomic challenges. "That said, we remain cautiously optimistic on the property development segment, supported by ongoing sales recognition from the Star Business Hub project and higher occupancy in its investment properties. "We also see potential merger and acquisition opportunities as a strategic avenue for Star Media to broaden its revenue base," it adds.
The Sun
41 minutes ago
- The Sun
Doctor duped of RM468,000 in online investment scam
KUANTAN: A 55-year-old woman doctor lost RM468,000 after falling victim to an online investment scam advertised on Facebook in May. Pahang police chief Datuk Seri Yahaya Othman said the victim was attracted by the advertisement and was later contacted by an individual posing as a representative of Nikko Asset Management, allegedly based in Singapore. 'The suspect promised returns of 80 to 128 per cent within a month. Convinced by the offer, the victim made 14 transfers into four different accounts between June 17 and Aug 6, using her Employees Provident Fund savings,' he said in a statement today. Yahaya said the victim was then shown falsified profit statements through pictures sent by the suspect, indicating that her investment had grown to RM800,000, including the capital. 'The victim was subsequently asked to pay another RM152,725, supposedly for tax purposes, before she could withdraw the profits. She became suspicious and refused to comply,' he said. According to Yahaya, checks revealed that Nikko Asset Management is a legitimate investment management company headquartered in Tokyo, Japan, with branches worldwide, but its name had been misused by scammers in this case. The victim lodged a report at the Kuantan District Police Headquarters yesterday, and the case is being investigated under Section 420 of the Penal Code. - Bernama
