Tesla Resumes Search For Showroom Space In Delhi: Report
Tesla is in early talks with DLF to secure space in Delhi. The American EV brand is seeking around 3,000 to 5,000 square feet for a consumer experience centre, as per the report
Tesla has reportedly resumed its search for a showroom in New Delhi, indicating a shift in its strategy for entering the Indian market after putting its investment plans on hold earlier this year.
Tesla is in early talks with DLF to secure space in Delhi. The American EV brand is seeking around 3,000 to 5,000 square feet for a consumer experience centre, as well as a larger space—three times that size—for operations and delivery, according to a Reuters report.
Tesla is exploring several options, including DLF's Avenue Mall in South Delhi, a retail complex, and the Cyber Hub office in Gurugram. Earlier this year, Elon Musk had planned to meet Prime Minister Narendra Modi to announce a $2-3 billion investment in India. However, he cancelled his visit at the last moment after the company decided to lay off 10 per cent of its workforce due to declining sales.
Tesla's search for space in Delhi is still "exploratory," and no decisions have been finalised, according to a source familiar with the matter in the report. There is currently no clarity on whether the American EV maker plans to import cars at a 100 per cent tax rate or take advantage of India's new policy, which allows certain electric vehicles to be imported at a reduced 15 per cent rate.
Following Tesla's withdrawal from its previous investment plans, the Indian government is considering relaxing some provisions in the policy, which has piqued the interest of companies like Toyota and Hyundai Motor.
Tesla's search for showroom space in Delhi coincides with plans from Musk-owned Starlink to explore entry into the Indian market, Reuters reported.
Meanwhile, on Wednesday, Elon Musk became the first individual to surpass a net worth nearing $450 billion, according to Bloomberg's Billionaires Index. This remarkable surge in wealth follows an insider share sale by SpaceX and favourable market reactions to Donald Trump's recent presidential election victory.
Musk's fortune saw a significant increase of $50 billion, largely driven by the SpaceX share sale, which values the private aerospace company at an impressive $350 billion. This valuation places SpaceX as the world’s most valuable private startup, with its future growth poised to benefit from government contracts, particularly under Trump’s administration.
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