Tesla Leases Office Space in Pune, Setting Sights on Manufacturing Plant

Pune: Tesla India Motor & Energy Pvt Ltd has leased office space in Pune’s Panchshil Business Park, a significant step towards entering the Indian market.

The leased office space covers an area of 5,850 sq. ft on the first floor of B wing in Panchshil Business Park. Tesla has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd, with a monthly rent of ₹11.65 lakh and a security deposit of ₹34.95 lakh for a 60-month lease period. The deal includes five car parks and 10 bike parks.

The rental payments are set to begin from October 1, 2023, with a lock-in period of 36 months and a 5 per cent per annum escalation clause. Panchshil Business Park, located in Viman Nagar, is easily accessible from residential hubs such as Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.

Tesla’s entry into the Indian market has been anticipated since the registration of its Indian subsidiary in Bengaluru in 2021. The company has expressed interest in establishing a manufacturing facility in India to produce electric vehicles and batteries. Elon Musk also met with Prime Minister Narendra Modi to discuss the plans during his US trip in June.

In addition to the manufacturing facility, Tesla is reportedly planning to launch a new car model priced around $24,000 (roughly Rs 20 lakh) for the Indian market. The company is also exploring the possibility of bringing its Chinese suppliers to India.