Tesla leases 5,850 sq ft office space in Pune amidst rising scrutiny of Chinese EV makers
Tesla headed by Elon Musk, is on its way to India and has been making significant strides toward establishing a manufacturing facility. Following a meeting between Prime Minister Narendra Modi and the Tesla CEO during Modi's recent visit to the US, the EV maker has gone ahead with its plans for the manufacturing facility by signing a five-year lease for a 5,850 sq ft office space in Pune.
The leasing agreement with Tablespace Technologies, facilitated by real estate analytics firm CRE Matrix, marks a pivotal move in Tesla's plans to set up operations in the country. According to reports, the monthly rent for the office space is set at Rs 11.65 lakh, with a security deposit amounting to Rs 34.95 lakh for the duration of the lease.
The deal includes provisions for five car parks and ten bike parks, highlighting the company's focus on supporting sustainable transportation options in India. The move comes on the heels of a meeting between two senior representatives from Tesla and officials from Invest India, signaling the company's keen interest in exploring opportunities for establishing an electric vehicle production plant in India.
With the country being the world's third-largest automobile market, Tesla stands to gain a significant advantage by entering the Indian market. At the same time, Chinese EV manufacturers are facing increased scrutiny and challenges in their efforts to invest in India.
Recently, the central government rejected a $1 billion investment proposal from Chinese EV maker BYD, citing stricter approval requirements in the aftermath of the Indo-China border dispute in 2020. This is not an isolated incident, as Great Wall Motors from China had also met a similar fate when its $1 billion investment plan for
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