After abandoning similar plans last year, U.S. electric carmaker Tesla (TSLA.O) has signed a lease agreement to open its first showroom in Mumbai as part of its ongoing efforts to sell imported vehicles in India, according to registration documents.
According to the documents, the company has agreed to a five-year lease beginning February 16, 2025, and will pay around $446,000 in rent for the first year of the contract, which covers 4,003 square feet (372 square meters), or nearly the size of a basketball court.
According to the registered lease agreement, the rent will rise by 5% annually, totaling more than $2.5 million over five years. According to the documents, the shop would be located in the Maker Maxity building in the Bandra Kurla Complex, a commercial and retail district close to the city’s airport.
Since then, Tesla has listed around two dozen mid-level positions in India, including customer engagement managers, retail managers, and service managers. The Tesla showroom has been reserved near an Apple (AAPL.O).
Even if Tesla intends to sell imported vehicles from its showrooms in India, the automaker is still burdened by tariffs of more than 100%, which Musk has frequently claimed are among the highest in the world.