 "Tesla marks India entry with new office in Bengaluru, names three directors")
US-based electric vehicle maker Tesla has registered with the Registrar of Companies in India as Tesla India Motors and Energy Private Ltd.
It incorporated itself in Bengaluru on January 8 with an authorised capital of Rs 15 lakh and a paid-up capital of Rs 1 lakh.
“Tesla setting up its office in the state is a welcome step.
“We will cooperate with it and give it all the facilities to function smoothly,” said Karnataka Industries Minister Jagadish Shettar.
No location has yet been finalised for Tesla to set a manufacturing plant in the state, he added. Gaurav Gupta, principal secretary to the government of Karnataka, said the state had been in regular touch with Tesla for the last few months.
Vaibhav Taneja, Venkatrangam Sreeram, and David Jon Feinstein will be the three directors of the new company.
Union Minister for Road Transport and Highways Nitin Gadkari had in December said that Tesla would be arriving in India in early 2021. Tesla CEO Elon Musk too had last year announced on Twitter that his company would enter India in 2021. The world’s most valuable auto company is likely to make its debut in India with the more affordable Tesla Model 3. Expected to cost around Rs 60 lakh, the fully electric vehicle is powered by a 60kw hour lithium-ion battery pack with a range of 500 km. The sedan has a top speed of around 250 km and goes from 0 to 60mph in only 3.1 seconds.
To begin with, Tesla will take an imported route for its initial innings and therefore attract high duties. It will also not be eligible for the FAME scheme.
Karnataka is currently a hub of several EV makers such as Ather Energy and Mahindra Electric. In December, electric mobility solutions and services company SUN Mobility had also announced plans to roll out 100 battery swapping stations in Bengaluru by the end of 2021.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%