Elon Musk-led Tesla has registered a subsidiary company in Bengaluru as it prepares to create a much-awaited manufacturing plant and R&D unit in India.The company, registered as Tesla Motors India & Energy Pvt Ltd, has named three directors as part of its team in the country, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein. It is a private unlisted company with an authorized capital of Rs 15,00,000 and a paid-up capital of Rs 1,00,000.
This announcement officially marks Tesla’s India entry in the state of Karnataka. It would be interesting to see if the company would set-up its manufacturing base in Karnataka, or will continue to keep up the suspense and be wooed away by some other state. Elon Musk, who recently became the wealthiest individual in the world overtaking Amazon founder Jeff Bezos, also enjoys a cult-figure like status in India as he does abroad which has added to the growing demand for Tesla and its products.
India’s transport minister Nitin Gadkari told a local newspaper in December the US electric carmaker would start with sales and then might look at assembly and manufacturing.
Tesla chief executive Elon Musk has tweeted several times in recent years, including as recently as October 2020, about an impending foray into India. The move comes as Indian Prime Minister Narendra Modi is promoting the production and use of electric vehicles to reduce the country’s oil dependence and cut down on pollution.