Tesla Motors India and Energy Private Limited: US electric car giant Tesla finally made its entry in India and registered as a company in Karnataka’s Bengaluru prompting Chief Minister BS Yediyurappa to welcome CEO Elon Musk to the country and his state.– Advertisement –
The carmaker has set up an R&D unit in Bengaluru, the chief minister confirmed on Twitter.
Mr Yediyurappa tweeted: “Karnataka will lead India’s journey towards Green Mobility. Electric Vehicle Manufacturer Tesla will soon start its operations in India with an R&D unit in Bengaluru. I welcome Elon Musk to India and Karnataka and wish him all the very best.”
Tesla Motors India and Energy Private Limited was incorporated on January 8 with its registered office in Bengaluru, The office is located at the Richmond circle junction opposite the Bangalore Club. Bengaluru a hub for several global technology companies.
The regulatory filing shows the Indian unit has three directors including David Feinstein, who is currently a senior executive at Tesla, according to his LinkedIn profile.
Vaibhav Taneja, Venkatrangam Sreeram, and David Jon Feinstein are directors of the incorporated entity. Taneja is Chief Accounts Officer at Tesla Inc, while Feinstein is Global Senior Director, Trade Market Access at Tesla. According to reports, the company has been registered with an authorized capital of Rs 1.5 crore and a paid-up capital of Rs 100,000.
The other states the company is in talks with are Maharashtra, Gujarat, Andhra Pradesh and Tamil Nadu.
To boost investment, India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities, according to a government proposal seen by Reuters.
Elon Musk had also confirmed the entry of Tesla into the Indian market in 2021. Last month, Mr Musk said, “Next year for sure” on Twitter in reply to a post with a photograph of a T-shirt with the message: “India wants Tesla”.