US electric vehicle manufacturer Tesla has finalized a lease agreement to establish its first showroom in Mumbai, as it aims to sell imported vehicles in India, according to registration documents, after abandoning similar plans last year.
The documents indicate that the firm has entered into a five-year lease starting on February 16, 2025, agreeing to pay approximately $446,000 in rent for the first year for a space of 4,003 square feet (372 square meters), roughly equivalent to the area of a basketball court.
According to the lease document submitted to Reuters by analytics company CRE Matrix, the rent is set to rise by 5% annually, reaching approximately $542,000 in the fifth year.
ALSO READ: ‘Send him to Uttar Pradesh’: Yogi’s stern warning to Abu Azmi
The documents indicate that the showroom will be located in the Maker Maxity building within the commercial and retail center of Bandra Kurla Complex, close to the airport of the city.
Last month, Reuters reported that Tesla has chosen sites for two showrooms in New Delhi and Mumbai, shortly after CEO Elon Musk met with Prime Minister Narendra Modi in the US.
