World’s richest man and Tesla CEO Elon Musk is eventually creating that much-awaited Tesla foray into India a reality.
In accordance with Registrar of Companies filings, EV manufacturer Tesla has registered a new thing titled, Tesla India Motors and Energy Private Limited, at Bengaluru because its subsidiary on January 8.
The EV giant named Global Senior Director David Jon Feinstein, Chief Accounting Officer Vaibhav Taneja, and entrepreneur Venkatrangam Sreeram as the directors of the newly-formed entity.
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The filings shown that the subsidiary will be responsible for promoting the sale of electric cars and energy items, including parts, components, equipment, and accessories. It will also be involved in activities including procurement and purchasing of vehicle parts, accessories, components, and providing technology, technical assistance, and coaching solutions.
“ The items to be chased by the company on its incorporation are to import, distribute, market, service, maintain and repair electrical vehicles and stationary energy storage methods and equipment, energy generation systems and equipment….and also, in a rigorous basis, to undertake all actions in relation to advertising, servicing and/or earnings of each of the foregoing goods,” the filing stated.
The records stated that the subsidiary was registered with a paid capital of Rs 1 lakh and authorised share capital of Rs 15 lakh, broken up into 150,000 equity shares of Rs 10 each.
This growth comes in soon after a December 2020 report by The Indian Express demonstrated that Tesla would begin its Indian operations in early 2021.
Tech billionaire Elon Musk, who recently became world’s richest person after exceeding Amazon’s Jeff Bezos by incorporating more than 160 billion to his net worth in the past 12 months, was expressing his plans to enter India for around two decades.
In 2018, Musk had disclosed Twitter about his plans to have a partial presence in India by 2019. Last year, he had once again confirmed his intention to expand operations in India by 2021.
Based on media reports, the Karnataka state government was in talks with the electric vehicle manufacturer for investments. The company is reportedly scouting for land and is currently in talks with the authorities of Karnataka, Maharashtra, Gujarat, Tamil Nadu, and Andhra Pradesh.
Based on reports, the first Tesla car available in India will be the Model 3, which will cost approximately Rs 55-60 lakh.
Edited by Kanishk Singh
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