You can now buy a Tesla on EMI in India
What's the story
Tesla has introduced a new EMI scheme and an exchange incentive program to boost its sales in India. The company is now offering an exchange bonus of ₹3 lakh for customers switching from petrol or diesel cars to electric vehicles (EVs). The move aims to encourage more customers to switch to electric vehicles by offering financial incentives.
Affordable EVs
A look at the EMI scheme
Along with the exchange incentive, Tesla India has also launched an EMI scheme for its Model Y. Customers can now buy this premium EV at a monthly installment starting from ₹49,000, with a down payment of just ₹6 lakh. The move significantly lowers the barrier to entry for premium electric vehicles and makes them more affordable for Indian consumers.
EV advantages
Tesla highlights cost benefits of switching to its EVs
Tesla India has also highlighted the cost benefits of switching to its Model Y. The company says customers can save up to ₹20,000 per month on fuel and maintenance costs by switching to this car. The firm also says mid-segment SUV and sedan owners can upgrade to Tesla with an effective ownership cost starting at ₹29,000 per month.
Sales data
Sales numbers in India
Tesla India started delivering its Model Y in September last year. However, the company's sales numbers have been modest so far. According to the Federation of Automobile Dealers Associations (FADA), Tesla India sold just 225 units last year. Despite this, the overall electric passenger vehicle retail sales in India grew by 77% last year, indicating a growing acceptance of EVs among Indian consumers.