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Investing.com -- Tesla (NASDAQ:TSLA), the U.S. electric car manufacturer, has signed a lease agreement to establish its first showroom in Mumbai, according to Reuters. The move is part of the company’s strategy to sell imported cars in India, as indicated by registration documents. This comes after the company abandoned similar plans last year.
The documents reveal that Tesla has committed to a five-year lease starting from February 16, 2025. The company will pay approximately $446,000 in rent for the first year for a 4,003 square feet space, which is roughly the size of a basketball court. The annual rent will escalate by 5% each year, amounting to about $542,000 for the fifth year. This information is based on the lease document provided to an analytics firm, CRE Matrix.
Tesla’s showroom will be located in the Maker Maxity building, a prominent business and retail hub in the Bandra Kurla Complex near Mumbai’s airport, according to the lease papers.
Last month, it was reported that Tesla had chosen locations for two showrooms in the Indian cities of New Delhi and Mumbai. This development followed a meeting between Tesla’s CEO Elon Musk and India’s Prime Minister Narendra Modi in the U.S. As of now, Tesla has not issued a response to requests for comments on the lease deal.
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