US-based electric vehicle maker Tesla Motor has registered with the Registrar of Companies in India. The company Tesla India Motors and Energy Private Ltd 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 their office in the state is a welcome step. We will cooperate with them and give them 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.
Welcoming the move, Gaurav Gupta, Principal Secretary at the government of Karnataka, said the state had been in regular touch with Tesla for a few months.
Vaibhav Taneja, Venkatrangam Sreeram, and David Jon Feinstein will be the three directors of this new company.
Union minister for road transport and highways Nitin Gadkari had in December last year 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 company is likely to make a 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 2021 end.
According to a CEEW- Centre for Energy Finance Report, India’s EV market would be over $200 billion in the next 10 years.