Elon Musk's Tesla to open first showroom in India in July: Know city, EV models, price and more
The world's richest person, Elon Musk, is finally bringing Tesla to India. The electric vehicle giant is all set to open its first Tesla showroom in India this July, with Mumbai being the chosen city. After years of speculation and delays, this move marks Tesla's official entry into the Indian market, which is the third-largest car market in the world.
Tesla's First Showroom in India to Open in Mumbai
According to a Bloomberg report, Tesla is opening its first retail showroom in Mumbai, Maharashtra, in July. This marks a major step by Elon Musk to introduce Tesla cars in India. A second showroom is also reportedly in the pipeline for New Delhi, further strengthening the company's presence in the country.
Tesla Starts Importing Model Y and Components
Tesla has already begun importing the first batch of its Model Y electric SUVs along with spare parts, Supercharger units, accessories, and Tesla-branded merchandise. These items are being shipped from the United States, China, and the Netherlands, showing the brand's serious intentions to build a solid infrastructure here.
The Model Y, currently the world's best-selling Tesla car, has arrived from Tesla's Gigafactory in Shanghai. Five rear-wheel drive units have been shipped to Mumbai, with each car valued at around Rs 27.7 lakh (approximately $31,988). Due to India's high import taxes, each car attracted over Rs 21 lakh in duties. This aligns with the country's 70% import tax on fully built electric vehicles (CBUs) priced under $40,000.
Tesla Model Y India Price to Be Higher Than in the US
In India, the Tesla Model Y is expected to cost over $56,000, excluding taxes and insurance. This is a lot more than its US base price of $44,990 (or $37,490 after government incentives). The steep price could be a challenge in India, where most buyers are price-conscious and value affordability over luxury.
Can Tesla Succeed in India's Price-Sensitive Market?
Electric vehicles (EVs) currently make up only about 5% of new passenger car sales in India. Of these, luxury cars form less than 2% of the total. This means Tesla will have to work hard to gain traction in a market where price plays a major role in buying decisions.
However, despite these challenges, Elon Musk and Tesla seem confident about the Indian EV future. Earlier delays were mainly due to disagreements over high import taxes and the demand for setting up a local manufacturing plant. But now, Tesla is moving ahead with its India plans.
Tesla Hiring and Expanding Infrastructure in India
Tesla currently does not have an official country head after the exit of Prashanth Menon. However, the company is actively hiring for roles in retail, charging infrastructure, and public policy. It's also setting up warehousing operations in Karnataka and increasing its storage capacity near Gurugram, close to Delhi, to support its growing logistics needs.
What This Means for Indian Car Buyers
With Elon Musk's Tesla stepping into India, car buyers who have been waiting for high-performance electric vehicles now have a new option. The arrival of the Tesla showroom in India and the Model Y gives Indian consumers access to cutting-edge EV technology. However, unless Tesla finds a way to reduce costs—either by local production or reduced duties—it may remain a niche brand for now.
Elon Musk's Tesla opening a showroom in India is a major moment for the country's electric vehicle market. Starting with Mumbai, and soon expanding to New Delhi, Tesla is making its presence felt. While the high price of a Tesla car could be a hurdle, the company's long-term success will depend on how well it adapts to Indian conditions and consumer expectations.
For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
30 minutes ago
- Indian Express
Western Railway to fit nearly 6,000 AI-based cameras on 978 engines: ‘Will give useful info in emergencies, enhance safety'
Western Railway (WR) is planning to install artificial intelligence (AI)-based cameras on 978 of its freight and passenger engines soon. With an estimated cost of around Rs 100 crore, the cameras will be installed to monitor activity both in and around the engines, across all regions, including Mumbai. 'The AI cameras will enable track condition monitoring, railway crossing observation and activity around the engine. Through monitoring irregular movement on tracks, these cameras will assist in determining the factors behind accidents and further improve the capability to analyse incidents,' Vineet Abhishek, Chief Public Relations Officer, Western Railway, said. The cameras will be installed on 810 electric and 168 diesel engines in WR's fleet. There will be six CCTV cameras installed on each engine – one in each of the two driving cabs, four along all directions outside the engine, and an additional camera scanning the periphery, WR officials said. These will be 360-degree recording cameras that track movement and assist in the investigation of accidents. The CCTV cameras will be high definition and high resolution, making sure that important information like track conditions, signals and surrounding obstacles are well captured. The systems will be in offline mode, making sure that data will not be accessed or hacked in to. 'This installation will be used to yield useful information in the event of emergencies, which will assist in investigations and enhance general safety,' added Abhishek. The installation process will begin through a tender process, with emphasis on agencies capable of furnishing their own software, hardware and source code. The installation is supposed to end by March 2026. Through the surveillance of both the exterior and interior of trains, the railway is looking to improve surveillance, accountability, and safety measures in its operations.
Time of India
32 minutes ago
- Time of India
Net direct tax collections dip 1.39% to Rs 4.59 lakh crore despite 5% rise in gross mop-up; refunds surge 58%
India's net direct tax collections for the ongoing financial year 2025-26 declined by 1.39 per cent to Rs 4.59 lakh crore as of June 19, mainly due to a sharp surge in refund issuances, according to government data released on Saturday. Tired of too many ads? go ad free now In the same period last year, net direct tax collections had stood at Rs 4.65 lakh crore, according to news agency PTI. Gross direct tax collections, however, rose by 4.86 per cent to Rs 5.45 lakh crore, up from Rs 5.19 lakh crore collected during the corresponding period in FY24. The fall in net collections is attributed to a 58 per cent increase in refunds, which touched Rs 86,385 crore so far this fiscal, indicating improved processing and faster taxpayer services. Advance tax collections between April 1 and June 19, 2025, showed a modest growth of 3.87 per cent at Rs 1.56 lakh crore, a significant slowdown from the 27 per cent year-on-year growth recorded in the same period last year. Corporate advance tax collections rose 5.86 per cent to Rs 1.22 lakh crore, while non-corporate advance tax collections fell 2.68 per cent to Rs 33,928 crore. Corporate tax collections overall fell by over 5 per cent to Rs 1.73 lakh crore, while non-corporate tax collections, largely personal income tax, saw a marginal rise of 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) collections also grew by 12 per cent, reaching Rs 13,013 crore during this period. Meanwhile, the Income Tax Department has introduced the 'e-Pay Tax' feature on its official portal to simplify the tax payment process, according to news agency ANI. The broader tax reform agenda is also advancing, with the Income Tax Bill 2025 currently under review by a Select Committee. Finance minister Nirmala Sitharaman had earlier announced that the new Bill, which aims to replace the existing Income Tax Act of 1961 with a more concise, litigation-free law, will be taken up in the monsoon session of Parliament. Tired of too many ads? go ad free now The proposed structure also ensures zero tax liability for individuals earning up to Rs 12 lakh annually due to a raised rebate of Rs 60,000, as stated by the finance minister in her Budget speech. The government has invited stakeholder suggestions on the draft Bill to fine-tune the reforms.
Time of India
36 minutes ago
- Time of India
ICICI Bank once wanted to acquire HDFC, Deepak Parekh spills the secret
Deepak Parekh revealed Chanda Kochhar's merger proposal between ICICI and HDFC, predating HDFC's reverse merger. Parekh cited regulatory pressure from the RBI as the primary driver for the HDFC-HDFC Bank merger, emphasizing the need for larger Indian banks. Post-merger, ICICI Bank has outperformed HDFC Bank in key metrics like profit growth and net interest margin. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Former HDFC chairman Deepak Parekh has revealed that former ICICI Bank chief Chanda Kochhar once proposed a merger between ICICI and HDFC, well before HDFC's reverse merger with its own banking a conversation with Kochhar on her YouTube channel, Parekh recounted, "I remember you talking to me once. I remember it very clearly. It's never been talked about in public, but I'm willing to share it now. You said that ICICI started HDFC. 'Why don't you come back home?' That was your offer."Parekh said he declined the offer at the time, saying it "won't be fair" or "proper with our name and the bank and all."Parekh described the eventual HDFC-HDFC Bank merger, completed in July 2023, as a move driven by regulatory compulsions rather than business ambition. The Reserve Bank of India had classified large NBFCs like HDFC, which then held assets exceeding ₹5 lakh crore, as systemically important — well above the ₹50,000-crore threshold."RBI supported us and they pushed us into it to some extent and they helped us," Parekh said. However, he added that there were "no concessions, no relief, no time, nothing."Parekh also said the deal had been executed with extreme confidentiality. 'It was kept a secret. No one knew about it—when it hit the press in the morning, that's when everyone found out. The government was aware because RBI was in touch with them, and we kept it so close—just lawyers, due diligence, accountants,' he on the conclusion of the merger, Parekh called it "a sad day and a happy day." He added, "It's good for the institution. It's good for the country to have large banks. Look at how large Chinese banks are. We have to be bigger, larger in India."On April 4, 2022, HDFC Bank announced its plan to acquire mortgage lender HDFC in a deal valued at about $40 billion, creating one of the largest financial institutions in Indian history. The merger gave rise to a banking entity worth $172 billion, affecting tens of millions of customers and shareholders across both companies, along with their group insurance and asset management said Indian banks must grow through acquisitions in order to become stronger in the also listed key concerns for chief executives, including continuing uncertainty in supply chains, trade policies, and export the insurance front, Parekh described it as the "least understood product" and criticised "mis-selling by banks" which, he said, was driven by the lure of high upfront HDFC Bank , in April this year, crossed the ₹15 lakh crore market capitalisation mark — an elite milestone — a quieter shift has been unfolding in the private banking space. ICICI Bank has steadily pulled ahead of HDFC Bank on several key performance Bank is now seen as a frontrunner among private sector lenders in India. HDFC Bank, meanwhile, has been navigating the after-effects of the 2023 merger, which have affected its growth FY25, ICICI Bank recorded profit growth of 15%, while HDFC Bank's profits rose by 11%. Both banks registered similar net interest income (NII) growth, but ICICI had a stronger net interest margin (NIM) of 4.41% compared with HDFC Bank's NIM of 3.65%.ICICI Bank also reported 14% growth in both advances and deposits for FY25. HDFC Bank, however, saw its advances grow at nearly half the pace of its merger added a substantial loan portfolio to HDFC Bank but did not bring in a matching level of deposits. This resulted in a spike in the loan-to-deposit ratio (LDR) to over 100% post-merger. Although HDFC Bank reduced this figure to 96.5% by the end of FY25, it still faces pressure to either increase deposits or slow down contrast, ICICI Bank's LDR stood at a healthier 82.4% as of March to the elevated LDR, HDFC Bank deliberately slowed down its credit expansion during FY25 to maintain balance. The bank's management believes that improving systemic liquidity will help raise deposits going forward.A high LDR suggests a bank is lending a large proportion of its deposits, which can become a risk if too many depositors withdraw funds at once and liquidity tightens.
