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Investing.com-- Tesla Inc’s (NASDAQ:TSLA) long-awaited entry into India has inspired few sales so far, Bloomberg reported on Tuesday, with the electric vehicle maker receiving orders for just over 600 cars since mid-July.
The 600 figure is weaker than Tesla’s own estimates, Bloomberg reported, citing people familiar with the matter. The 600 figure is a fraction of the EV maker’s global sales so far this year, which are already nursing a sharp decline.
The Bloomberg report highlights persistent concerns over Tesla’s slowing sales, especially as data released last week showed Tesla’s European sales sliding over 33% year-on-year in the January-July period.
Tesla had launched its Model Y in India in July. But the model, which is Tesla’s cheapest EV, was priced starting from 59.89 lakh rupees ($69,700)-- well above its $44,490 price tag in the United States.
The price tag puts the Model Y in India’s high-end auto market, where Tesla faces stiff competition from already established rivals including BYD (HK:1211), BMW (ETR:BMWG), and Kia Corp (KS:000270).
Tesla also faces stiff competition from home-grown Indian rivals such as Tata Motors Ltd (NSE:TAMO) and Mahindra & Mahindra Ltd. (NSE:MAHM), both of which offer comparable EVs at a fraction of the Model Y’s price.