Tesla may enter India this summer: Elon Musk | Mint
Active Stocks
Tue Feb 27 2024 13:28:42
  1. State Bank Of India share price
  2. 752.25 -0.89%
  1. Tata Steel share price
  2. 143.60 0.70%
  1. Sun Pharmaceutical Industries share price
  2. 1,570.10 0.84%
  1. Power Grid Corporation Of India share price
  2. 292.45 1.63%
  1. ITC share price
  2. 409.75 0.13%
Business News/ Companies / News/  Tesla may enter India this summer: Elon Musk
BackBack

Tesla may enter India this summer: Elon Musk

Some Indians have booked Tesla's much anticipated Model 3, to be retailed at $35,000 in the US, by paying an advance of $1,000

To a query on when Tesla would launch its vehicles in India, CEO Elon Musk tweeted ‘Hoping for summer this year’. Photo: BloombergPremium
To a query on when Tesla would launch its vehicles in India, CEO Elon Musk tweeted ‘Hoping for summer this year’. Photo: Bloomberg

New Delhi: Electric car maker Tesla Inc. is likely to introduce its products in India sometime in the summer of 2017, its chief executive Elon Musk said on Wednesday.

“Hoping for summer this year," Musk said about his company’s expected launch in India, responding to a query on Twitter.

Tesla’s much anticipated Model 3, which is positioned as a mass-market, affordable car, will be retailed at $35,000 in the US. Some Indians have also booked it by paying an advance of $1,000. The Economic Times newspaper reported in April that Vijay Shekhar Sharma, founder of mobile wallet company Paytm; venture capitalist Mahesh Murthy; Vishal Gondal, founder and CEO of wearable and fitness technology company GOQii; and Sujayath Ali, CEO of online fashion platform Voonik, were among those who tweeted about booking the Model 3.

ALSO READ: Tesla is testing self driving cars on California roads

Sales of electric vehicles in India rose 37.5% to 22,000 units in the year ended 31 March 2016, according to industry lobby group Society of Manufacturers of Electric Vehicles. Just 2,000 units were electric cars. To put that in perspective, non-electric car sales rose 7.87% from the previous year to 2.025 million units in the year ended 31 March 2016, according to the Society of Indian Automobile Manufacturers (Siam).

At these levels, India has far to go from the six-million by 2020 target set under National Electric Mobility Mission Plan (NEMMP) 2020 and FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles).

An electric vehicle consortium formed by Maruti Suzuki India Ltd, Mahindra & Mahindra Ltd, Tata Motors Ltd and Ford India Pvt. Ltd has collapsed with Maruti and Ford pulling out of it.

ALSO READ: Self-driving car prototypes need less human help, data show

The coming of Tesla will not prop up sales of electric vehicles in India, but it will create an aura that will augur well for the electric vehicles industry, said Abdul Majeed, partner and national auto practice leader at PricewaterhouseCoopers.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 08 Feb 2017, 05:03 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App