U.S. electric vehicle manufacturer Tesla has finalized a lease agreement to establish its first showroom in Mumbai, taking a step toward selling imported cars in India, as per registration documents. This move follows a previously abandoned plan last year.
The company has entered a five-year lease starting February 16, 2025, for a 4,003-square-foot (372-square-meter) space in the Maker Maxity building, a prime business and retail hub in Bandra Kurla Complex near Mumbai’s airport.
According to the registered lease document provided to Reuters by analytics firm CRE Matrix, Tesla will pay approximately $446,000 in rent for the first year, with a 5% annual increase, reaching around $542,000 by the fifth year.
Reuters previously reported that Tesla has identified showroom locations in both Mumbai and New Delhi, shortly after its CEO Elon Musk met with India’s Prime Minister Narendra Modi in the U.S.