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Investing.com-- Tesla Inc (NASDAQ:TSLA) on Tuesday revealed the pricing for its Model Y in India, the company’s website showed, with the company set to open multiple showrooms and begin Indian sales later in July.
The Model Y is priced at 59.89 lakh rupees ($69,700) before taxes for the rear-wheel drive version, while the long range rear-wheel drive version is available for 67.89 lakh rupees, Tesla’s website showed. Registrations are only available in Indian capital New Delhi and financial capital Mumbai.
The pricing is well above Bloomberg’s reported $56,000 sticker price, and is also much higher than the $44,490 price for the Model Y in the United States. Model Ys sold in India will be imported from China.
Tesla is set to open its first Indian showroom in Mumbai this week, with a second one expected to open in New Delhi by end-July.
But the electric vehicle maker has no immediate plans to open any manufacturing facilities in the country, after earlier negotiations with the Indian government over the matter largely fell through.
Tesla’s India debut comes as the company seeks fresh markets to offset heightened competition and slowing sales in top markets the U.S. and China. It is also facing sales headwinds in Europe and parts of Asia.
But the EV maker is also likely to face tough competition in India, given that home-grown automakers such as Tata Motors Ltd (NSE:TAMO) and Mahindra & Mahindra Ltd. (NSE:MAHM) have comparable offerings at much lower prices, which appeal more to cost-conscious consumers.
In the luxury EV segment, where Telsa appears to land at least based on its pricing, the company also faces stiff competition from Chinese rival BYD (SZ:002594) Co Ltd (HK:1211). BYD entered Indian markets well before the American EV maker, and has a steadily growing presence in the country.