Tesla Inc., the US-based electric carmaker, is all set to begin its India operations this year, and the first product to be launched by the company is expected to be the Model 3 sedan. Tesla is likely to set up its corporate headquarters in Bengaluru, Karnataka, and it has already registered a subsidiary in India, as a private unlisted company with an authorised capital of ₹ 15,00,000 and a paid-up capital of ₹ 100,000. Tesla is reportedly in talks with 5 Indian states, including Gujarat, to set up its operations in the country, and its first car, the Tesla Model 3 is expected to go on sale by the end of the first quarter of FY2021-22.
Right now, the electric carmaker is the most valuable automaker in the world, with a current valuation that's above $800 billion. This particular feat has helped Tesla's Chief Executive Officer (CEO) Elon Musk surpass Amazon Inc's top boss Jeff Bezos, to become the world's richest man. In the conventional sense, Tesla's fortunes are seen as an anomaly because the company has a production that is just a fraction of its large rivals by sales, such as Toyota Motor, Volkswagen and General Motors.
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Tesla was founded in 2003 by two American entrepreneurs, Martin Eberhard and Marc Tarpenning. The idea was to create an electric sportscar and one of the major funders of this particular startup was the co-founder of PayPal, Elon Musk. It was only in 2008, following the departure of Eberhard and Tarpenning from the company, that Musk took over as the CEO. The company first product was the much-loved Tesla Roadster electric sports car which had a range of about 390+ km.
The Roadster's success allowed the company to start making volume-driven products, and the company began with the luxury electric sedan, the Model S, which was followed by the company first SUV, the Model X. Later in 2016 the company launched its first mass-market product, the Model 3, which has majorly contributed to the company's volumes and growth. The company now also have a compact SUV - the Model Y, in its line-up. Right now, the company is working on its electric pick-up truck, the Cybertruck, the next-gen Roadster, and the Tesla Semi.
The Tesla Model 3 is expected to go on sale by the end of the first quarter of FY2021-22. The pre-bookings for the electric car are expected to begin soon. However, Tesla hasn't revealed India arrival dates and prices yet. Tesla plans to import and sell the Model 3 in India for around $65,000-$75,000, which is about ₹ 47 lakh to ₹ 55 lakh, roughly double the price in the U.S. market.