Tesla will open its first store in India following a successful meeting between CEO Elon Musk and Indian Prime Minister Narendra Modi.
According to Teslarati, the new Tesla showroom will occupy a 4,000-square-foot space in Mumbai's Bandra Kurla Complex. The five-year lease will cost Tesla about $40,100 monthly (Rs 35 lakh). Tesla also plans to open a second showroom in New Delhi eventually.
India is on track to become the world's most populous country, according to the International Energy Agency. The nation's growing population and economy have downsides, including significant carbon emissions and air pollution. Road transport creates 12% of India's energy-related carbon pollution. However, the demand for personal mobility only grows. Road transport pollution could double by 2050 if the country stays on this path.
Tesla's presence in India would make purchasing an electric vehicle over a gas-powered one easier for citizens. The EV market in India is in its infancy, and Tesla's sales have been slumping worldwide, so the company is likely hoping this Tesla location could catalyze a vehicle revolution in the country that could help its sales, and if so, it could undeniably lead to a substantial decrease in the country's carbon pollution.
The Faster Adoption and Manufacturing of Electric Vehicles in India scheme will help consumers. It provides purchase incentives, coupons, interest subventions, road tax and registration fee exemptions, income tax benefits, and more for EV owners. The country has also worked to set up charging station infrastructure.
Between the new Tesla showroom and the ample government incentives, EVs could soon be the norm in India. This would mean cleaner air for all Indian citizens and the world. India is the third-largest contributor to pollution, behind China and the United States, so its shift toward EVs would be a win for the planet and all people.
Watch now: How bad is a gas stove for your home's indoor air quality?
BNP Paribas, a French multinational universal bank and financial services holding company, commented on Tesla's move. The company's research suggests that Tesla will have to lower its price point to succeed in India. According to CNBC, BNP Paribas said, "We expect Tesla's entry into India to be slow and measured, given the low average price point in the market."
But GlobalData's Ammar Master said, "With the current momentum, we project that Passenger BEV sales in India will reach 1 million units by 2030, accounting for 20% of total sales."
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