New Delhi: Tesla has signed a lease agreement to open its first showroom in Mumbai, marking a significant step towards its goal of selling imported cars in India, official registration documents reveal. This move comes after the electric vehicle giant dropped similar plans last year.
According to the registered lease document, Tesla has secured a five-year lease starting from February 16, 2025, for a 4,003 sq. ft. space at Maker Maxity, located in Mumbai’s premium business and retail hub, Bandra Kurla Complex (BKC). The showroom will be close to the city’s airport, making it a strategic location for Tesla’s India entry.
As per the agreement, Tesla will pay $446,000 (approx. ₹3.7 crores) as rent for the first year, with a 5% annual increment, reaching around $542,000 (approx. ₹4.5 crore) by the fifth year, analytics firm CRE Matrix reported.
This development comes after reports surfaced last month that Tesla had finalized locations for two showrooms in Mumbai and New Delhi, shortly after CEO Elon Musk’s meeting with Prime Minister Narendra Modi in the US.
Tesla is actively laying the groundwork for its entry into the Indian market, signaling strong confidence in its potential. The EV giant has posted 13 mid-level job openings, including roles for store and customer relationship managers, underscoring the employment opportunities that global investments bring to the country.
While Tesla has yet to confirm official showroom launch dates, sources suggest that the company will initially focus on selling imported EVs in India. The upcoming showrooms will serve exclusively as sales hubs, with service centers expected to be established later.
Tesla’s India entry aligns with the nation’s growing stature in the global EV market. With government-backed sustainability initiatives, rapid infrastructure advancements, and a booming consumer base, India is emerging as a key investment destination for electric vehicle manufacturers worldwide.
(With inputs from Reuters)
