As the American Electric Vehicle, Tesla is all set to enter the Indian market, investors are eagerly waiting to roll out a grand red-carpet. Tesla is a clean energy company based in California and has Elon Musk as the CEO. As the vehicle is going run completely on electric resources, the market is keening waiting for Tesla- The most valuable car to kick-start its operations in India says reputed business Astrologer and Astro strategist Hirav Shah
A common discussion among the Indian market vendors is that Telsa car might be out of reach for many from an affordability perspective.
In December 2020, Road Transport and MSME Minister Nitin Gadkari had revealed that Tesla will “start operations” in India in early 2021. On the other hand, Tesla CEO Elon Musk in October 2020 announced that their company will foray into the Indian market for sure in the first half of 2021.
Clearing the air about the starting price of the vehicle, Elon also revealed that the first model to come to India will be the more affordable Tesla Model 3 that is likely to be priced in the Rs 55-60 lakh range.
As of now, the bookings for the same are going on with good response from the enthusiastic people and reports also say that the deliveries of the electric sedan will begin maximum from June 2021.
Bangalore as the main unit
The American company has even registered the India business as Tesla India Motors and Energy Pvt Ltd with RoC Bangalore with an authorized share capital of Rs 15 lakh and paid-up capital of Rs 1 lakh. The registered office address is 14th Floor, Skav 909, Lavelle Road, Bengaluru – 56000, say sources.
The market cap of Tesla
Tesla’s market cap currently stands at $783 billion, far ahead of Toyota’s $208.2 billion market cap.
Other top car makers were Volkswagen, BYD, and NIO at $95.7 billion, $89.6 billion, and $87.7 billion in market cap.
Tesla to face competition in India
As per the official data, the company already sells its Model 3 which is the newest entry and costs $37,990. While India does have the Tata Nexon EV and many more, Tesla promises to enter the Indian market and adopt localization and assure employment and benefits to India.
Business experts like Hirav Shah feels that to succeed in the Indian market, Tesla will have to rethink their strategies and develop new products if they want to reach a wider section. Currently, only Mukesh Ambani in India has a Tesla in possession.
Earlier, Tesla was supposed to enter the Indian market in 2017 but failed due to some unknown reasons. Now, by picking the IT destination city like Bangalore as the main Indian unit looks like Tesla management is planning something bigger in the upcoming years.
As the Karnataka government in a bid to increase development and employment in the state and looking towards foreign investors, Tesla will be the perfect company to set up its headquarters in Bengaluru, says Hirav Shah. Sources also confirm that the Karnataka government is even focusing on setting up a mega factory with Tesla, a manufacturing unit for batteries and solar panels in India.
As the Indian government is promoting to adopt Electric vehicles in the country, it is even providing various state and central level grants for EV manufacturing units, buyers and foreign investors. As the atmosphere of the EV industry looks very positive, American company Tesla is making a grand entry as the appropriate time in India. Taking advantage of the government grants and mass market in India, Tesla has high chances to succeed in the Indian market, concludes business and Astro strategist Hirav Shah.