'Carefully figuring right time to enter Indian market': Tesla says, citing high import tariff concerns
Tesla’s Chief Financial Officer Vaibhav Taneja said the electric carmaker is still deliberating the right time to enter the Indian market, citing concerns over the country’s steep 100 per cent import duty, which is making potential buyers uneasy about high prices.
“The same car which we're sending is 100 per cent more expensive than what it is. So that creates a lot of anxiety. People feel they're paying too much for the car ... That's why we've been very careful trying to figure out when is the right time (to enter India),” Taneja said during Tesla’s earnings call, reported Reuters.
His remarks come shortly after Tesla CEO Elon Musk confirmed he would visit India later this year, signalling that the company is preparing to launch its EVs in the country.
In a step towards that, Tesla recently leased its first showroom space in Mumbai’s Bandra Kurla Complex.
The company has also advertised more than 20 job openings in India.
According to Reuters, customs data show Tesla imported Model Y vehicles into the country from Germany at a shipment value of $46,000.
Taneja’s comments come at a time when both New Delhi and Washington are working to resolve tariff-related issues and advance towards a broader trade pact.
Meanwhile, Tesla reported a sharp drop in its financial performance for the January–March quarter.
The company’s net profit declined 71 percent year-on-year to $409 million, while revenue also fell 9 percent to $19.34 billion.
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