Ahead of India launch, Tesla leases fourth office for ₹24cr
What's the story
Tesla has expanded its footprint in India by leasing a new office in Mumbai's Kurla.
The 24,500 square feet space is the company's fourth office in the country and comes on a five-year lease worth over ₹24 crore.
The move comes after Tesla's recent showroom lease in Bandra Kurla Complex (BKC), further highlighting its operational focus and future manufacturing plans amid changing EV policies in India.
Growth strategy
Tesla's new office is located in Lodha Industrial Park
Tesla's new office is located in Macrotech Developers's Lodha Industrial and Logistics Park, Kurla.
The lease agreement, which was registered in May, starts with a monthly rent of ₹37.53 lakh. Over the five-year term, Tesla will pay over ₹24 crore as rent.
The deal also includes a one month and 10 days rent-free period with payments starting from June 1.
Expansion details
Rent for the new office and showroom
The rent for the new office is subject to a 5% annual escalation, with Common Area Maintenance (CAM) charges set at ₹10 per sq. ft. of chargeable area, also with a 5% hike every financial year.
This deal comes after Tesla secured its first India showroom in BKC, marking a major milestone in its entry into the growing Indian EV market.
Strategic shift
Tesla's approach to India has gained momentum since February
Tesla's approach to India has gained momentum since February, after Prime Minister Narendra Modi met Musk during his US visit.
The EV giant had previously expressed concerns over high import duties in India.
Despite not confirming a factory location yet, moves like this lease suggest that groundwork for future manufacturing is quietly underway amid recent policy changes by the Indian government to attract global EV makers.