PUNE, 3 August 2023: Tesla India Motor & Energy Pvt Ltd has taken a significant step towards its entry into the Indian market by leasing office space in Pune. As part of its ambitious plans to set up a manufacturing facility for electric vehicles (EVs) in India, Tesla Inc has entered a five-year lease agreement with Tablespace Technologies Pvt Ltd. This move follows Elon Musk’s meeting with Prime Minister Narendra Modi in June, expressing Tesla’s keen interest in establishing a manufacturing plant in the country.
Tesla’s Pune Office Lease Agreement
Tesla India has leased 5,850 sq.ft of office space in Panchshil Business Park, located in Viman Nagar, Pune. The five-year lease deal includes the first floor of B wing, along with five car parks and 10 bike parks. The company will pay a monthly rent of INR 11.65 lakh and a security deposit of INR 34.95 lakh, with the lease set to commence on October 1, 2023.
Strategic Location and Accessibility
Panchshil Business Park is a prime location with a development size of 10,77,181 sq.ft, currently under construction. Situated just 500 meters from Nagar Road and three kilometers from Pune international airport, it provides easy access to residential areas like Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.
Tesla’s Slow Entry into the Indian Market
Though Tesla’s Indian subsidiary was registered in Bengaluru in 2021, its entry into the Indian market has been gradual. However, Tesla’s proposal to establish a factory for EVs and EV battery manufacturing in India indicates its serious interest in using India as a production and innovation base.
Elon Musk’s Commitment to India
Elon Musk’s meeting with Prime Minister Narendra Modi showcased Tesla’s strong commitment to investing in India. Musk expressed confidence in Tesla’s presence in India as soon as possible. Additionally, two of Tesla’s senior executives have recently held meetings with Invest India officials, demonstrating further progress in the company’s plans.
Tesla’s lease of office space in Pune marks a significant milestone in its mission to establish a manufacturing facility and penetrate the Indian EV market. As Tesla strengthens its presence in India, the country’s burgeoning electric vehicle industry is set to witness exciting developments in the coming years.