Tesla? This surely rings a bell, doesn’t it? Well, if it doesn’t you’ve been enjoying under a rock. Tesla has been a rage over the past couple of years globally with its innovative, inventive and disruptive electric cars. Founded by the one and only Elon Musk, Tesla is making futuristic cars for the present. But for us, in India, we have been looking at this action from afar. Will we get to experience cars of the future and for the future, first hand? Is Musk bringing Tesla to India? ⚡🚗
That is the market cap of Tesla and it is the fastest company ever to reach that trillion-dollar figure and that in itself is a herculean achievement. How the company got there- selling quality electric cars, to put it in the briefest way possible. Elon and his team don’t want to stop at this figure though, they want to scale newer Everests and provide their offerings to bigger, newer markets. One country that fits the bill perfectly for both bigger markets and newer markets is, you guessed it right, India.
Jumping right into it, the current import duty on electric vehicles is 100% (yes, you read that right) if the total value is more than $40,000 and 60% if it is less than $40,000. This is a major roadblock for Tesla Cars in India because it practically doubles the already high cost of owning a Tesla Car. Musk recently wrote to the Government asking for assistance in reducing the tax to 40% and removing extra levies. While the Government has requests of its own, they want Tesla to start operations in India before any tax concessions. Tesla has also informed the Government that they have procured items worth $100 million from India. The company has also started recruiting actively for their team in India. Now, Tesla wants import duties reduced, but the government looks to generate value for the country by taxing, it is the clash of the titans but the future looks bright. In a country where Electric vehicles form less than 1% of the total vehicle share, Tesla wants to be well, Tesla, revolting and trailblazing for which it looks to the Government of India for help.
Tesla Inc. is named after one of the wackiest and most ingenious scientists to have walked on the face of earth, Nikola Tesla. Elon Musk surely inherits those qualities but navigating through the Juggernaut that is India will be an arduous task. Truth be told, India has the potential to take Tesla to heights and revenues never seen before but on the flip side the country has seen the biggest companies come and fail because they could not maneuver through the labyrinth that India presented and were not able to be ‘Indian’ in their functioning. What happens with Tesla, we will know, but until then we all can be excited about the fact that Elon bhai is bringing Tesla to India.
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