Media sources indicate that Tesla ( TSLA , Financials ) is once again pursuing showroom sites in New Delhi and surrounding areas and rekindling its aspirations to become visible in India.
Reuters sources suggest that the company is in early negotiations with property developer DLF regarding various sites including Cyber Hub in Gurugram and DLF Avenue Mall in New Delhi. Apart from delivery and service facilities, the ones under consideration are supposed to function as centers of customer experience.
Following India's approved March 2024 new electric vehicle legislation, this development follows the introduction of new conditions whereby manufacturers commit at least $500 million to local production within three years, the program offers significant benefits including a lowered import charge of 15% on EVs priced at least $35,000 or more. According to India Today, the initiative aims to attract global EV manufacturers and increase local value addition in the automotive sector.
Still, Tesla's road to India has been fairly challenging. Negotiations with Indian government authorities ended late 2023 in search of lowered import duties without committing to local manufacture.
This article first appeared on
GuruFocus
.