Tesla has signed a lease to open its first showroom in Mumbai as the U.S. electric carmaker moves forward with plans to sell imported vehicles in India, registration documents show, reports Reuters.
The company has secured a five-year lease starting February 16, 2025, for a 4,003-square-foot (372-square-meter) space in the Maker Maxity building in Mumbai’s Bandra Kurla Complex, a major business and retail hub near the city’s airport.
Tesla will pay $446,000 in rent for the first year, with a 5% annual increase, reaching $542,000 by the fifth year, according to a lease document reviewed by Reuters and provided by analytics firm CRE Matrix.
The move comes after Tesla abandoned similar plans last year. Reuters reported in January that the company had chosen locations for showrooms in New Delhi and Mumbai, following a meeting between CEO Elon Musk and Indian Prime Minister Narendra Modi in the U.S.
The United States is pushing for India to remove tariffs on imported cars as part of a proposed trade deal, but New Delhi remains hesitant to drop them to zero immediately, though it is considering further reductions, sources told Reuters.
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