Latest news with #PrashanthMenon
Yahoo
10-05-2025
- Automotive
- Yahoo
Tesla's India Country Head Resigns As Elon Musk-Led Company Finalizes Launch Plans In World's Third-Largest Auto Market: Report
As the electric vehicle manufacturer is finalizing plans to launch operations in the third-largest car market in the world, Prashanth Menon, the Country Head for India for Tesla Inc. (NASDAQ:TSLA), has reportedly resigned after nine years with the CEO Elon Musk-led company. What Happened: Menon, who oversaw operations in India as Chairman of Tesla India Motors and Energy Pvt. for more than four years, was instrumental in the company's establishment of a local office in Pune in 2021 and the purchase of its first retail leases in Mumbai and Delhi earlier this year, according to sources cited by Bloomberg. Don't Miss: Shark Tank's Kevin O'Leary called Missing Ring his biggest mistake — don't repeat history — invest in RYSE at just $1.90/share. Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. The resignation comes right before Tesla's anticipated arrival in India. No immediate successor has been named, and the report states that Tesla's operations in India will be temporarily managed by its China teams. Tesla did not immediately respond to Benzinga's request for comment. Why It Matters: In order to create more favorable conditions for Tesla's entry, India is currently negotiating a trade agreement with the United States that could reduce auto import tariffs, which were previously as high as 110%. India recently lowered its 110% tariff to 15% on EVs costing more than $35,000. Tesla has made progress in its plans to grow in India by securing retail space and hiring more locals. The report claims that the company has also begun to reimburse early Model 3 reservations dating back to 2016, seemingly in preparation for the release of newer models. Amid trade tensions between the United States and China, Tesla is investigating semiconductor supply chains in India in addition to its retail operations. According to reports, the company has discussed chip supplies with Tata Electronics, CG Semi, and Micron Technology Inc. (NASDAQ:MU). Photo Courtesy: Tada Images On Read Next: Invest where it hurts — and help millions heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.30/share! Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Tesla's India Country Head Resigns As Elon Musk-Led Company Finalizes Launch Plans In World's Third-Largest Auto Market: Report originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
09-05-2025
- Automotive
- Time of India
Tesla China to lead India operations as country head Prashanth Menon resigns: Report
Tesla Cybertruck Tesla India head Prashanth Menon has resigned from the Elon Musk-owned electric car company, reports Bloomberg. This comes as the company plans to open its first retail outlets in Mumbai and Delhi. Menon, as per the report, has worked with Tesla for nine years. He had been instrumental in laying the groundwork for the EV maker in the country. Menon, who had been leading India operations as chairman of board of Tesla India for more than four years, reportedly set up the company's local office in Pune in 2021. Operation Sindoor 'Did not want to...': Pak def min gives absurd excuse for army's failure to withstand Op Sindoor Blackouts, sirens & Pak's failed attacks: 10 things that happened in the last 36 hrs '1971 war was not remotely as terrifying': Residents of border areas shell-shocked He also led efforts to secure Tesla's first showroom leases earlier this year. Tesla China to oversee India operations As per the Bloomberg report, Tesla China will now oversee the company's operations in India. 'Tesla's China teams will oversee India operations, with no immediate successor named, the people said. The rejigging of Tesla's top order in India comes just as it appears to edge closer to launching in the world's third-largest car market,' the report said. Tesla to open its first showroom in Mumbai's BKC As mentioned above, Tesla is planning to open its first showroom in India soon. Earlier this year, the US electric vehicle maker finalized a deal to open its first showroom in Mumbai's Bandra Kurla Complex, in what is probably the highest lease rent for a commercial space. Quoting sources from the property market, TOI then reported that Tesla will set up a showroom in a 4,000 sq ft space on the ground floor of a commercial tower in BKC, Mumbai. The company will display its car models there. The monthly rent is about Rs 900 per sq ft, which works out to around Rs 35 lakh a month. The lease is for five years. Tesla is also planning to open a second showroom at the Aerocity complex in Delhi. The lease deal was signed a few weeks after CEO Elon Musk met Prime Minister Narendra Modi in Washington. Soon after, Tesla posted 13 job openings in India, showing fresh interest in entering the Indian market. The EV maker has also started the process of hiring in the country. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
09-05-2025
- Automotive
- NDTV
Tesla's India Head Resigns As Company Prepares For India Entry
A report by Bloomberg says that the Prashanth Menon, Tesla India Country Head, has resigned ahead of Tesla's India entry. The report suggests that he resigned due to personal reasons, but Tesla hasn't released a statement at the time of publishing this copy. Prashanth Menon also stepped down from his role as the chairman of the Tesla India Board. Tesla's China team will run the India operations, with no successor named as of now. The US EV maker had been planning its India entry for a few years now. Prashanth Menon had a 9-year stint with Tesla and he took over the reins of Tesla India from Venkatrangam Sreeram. He served as the chairman of Tesla India Board for more than four years. Before joining Tesla India, Menon was posted in USA and worked as the directory advisor of cost, process and regulatory measures. The Tesla India office was set up in Pune in 2021 and since then Tesla has posted over two dozen jobs in India, for its operations in India which include planned showrooms in Delhi and Mumbai. Tesla says that the local hiring is complete at the moment. In other news, Lavji Daliya, a businessman from Surat, Gujarat, imported India's first Tesla Cybertruck. It is claimed that this is currently the only Cybertruck in the country and this is the top-spec Cyberbeast variant of the Cybertruck. It has a range of 514 km and a top speed of 209 kmph. This unit of the electric pickup truck was spotted on the flatbed of a truck a few days ago with a Dubai registration plate.
Yahoo
08-05-2025
- Automotive
- Yahoo
Tesla's India head resigns as company prepares for country launch, Bloomberg News reports
(Reuters) -Tesla's country head for India has resigned after nine years at the company and ahead of the U.S. EV maker's planned entry into the world's third-largest car market, Bloomberg News reported on Thursday, citing people familiar with the matter. Tesla's China teams will oversee the Elon Musk-led firm's India operations, with no immediate successor named, the report said, citing unnamed sources. Prashanth Menon is also stepping down as the chairman of Tesla India's board, the report said. Tesla, which has for years planned an India market entry, did not immediately respond to a Reuters request for comment. India is working on a trade deal with the U.S. that includes lower auto tariffs, a potential win for Tesla, which has secured showroom locations to begin selling imported cars in the country this year. The company has posted close to two dozen mid-level jobs in India, including store, service and customer relationship managers, signaling progress in its plans to launch in the country. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New Indian Express
08-05-2025
- Automotive
- New Indian Express
Tesla's India head Prashanth Menon resigns ahead of much-delayed India entry
Tesla country head for India Prashanth Menon has resigned ahead of the US electric carmaker's planned entry into the world's third-largest car market. As per a Bloomberg report, Tesla's China teams will oversee Tesla's India operations, with no immediate successor named. Menon is also stepping down as the chairman of Tesla India's board, added the report citing sources. Tesla is yet to issue a statement on Menon's departure and his successor. The Elon Musk firm has been trying to enter the Indian market for years. The brand has already secured showroom locations in Delhi and Mumbai to begin selling imported cars here. It has also posted close to two dozen mid-level jobs here this year, signaling progress in its plans to launch in the country.
