'Carefully figuring out the right time to enter India': Tesla CFO

Tesla CFO Vaibhav Taneja said that 100% import tariffs create anxiety

Tesla's Chief Financial officer Vaibhav Taneja said that the company is still figuring out when is the right time to enter India as the country’s 100 per cent import tariffs make customers anxious.

 

“The same car which we're sending is 100 per cent more expensive than what it is. So that creates a lot of anxiety. People feel they're paying too much for the car ... That's why we've been very careful trying to figure out when is the right time (to enter India),” Taneja said during the company's earnings call, as quoted by Reuters.

 

Elon Musk had last week confirmed he will visit India later this year, as Tesla prepares to launch its electric vehicles in the country. Last month, the EV maker leased its first showroom in India, located in Mumbai's Bandra Kurla Complex. The company also posted over 20 job postings in India, while the custom records show that it imported Model Y cars to India from Germany at a shipment value of $46,000, Reuters reported.

 

 

The comments come when both India and the US are working to bridge gaps over tariffs and move towards a broader trade agreement.

Declining profits for Tesla

Tesla on Tuesday posted a 71 per cent year-on-year (Y-o-Y) decline in its profit for the January–March quarter. The net profit stood at $409 million for the quarter. Meanwhile, revenue for the quarter declined 9 per cent Y-o-Y to $19.34 billion.