Amid Slump In Sales, Tesla Looks To Get The India Chapter Going

Amid Slump In Sales, Tesla Looks To Get The India Chapter Going

The auto-maker is in desperate need for a boost in its fortunes, as it witnessed a slump in its EV sales for the first time since the pandemic

Juviraj AnchilUpdated: Monday, April 15, 2024, 04:38 PM IST
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Tesla, which has been struggling for the past few quarters, is buckling up a change in its fortunes and shift in its momentum. The company, that has been gearing up for its major India chapter, is reportedly scouting for locations in India for its expansive showrooms in India.

The cities in focus are Mumbai and Delhi. The American EV giant is said to be ruminating over making these facilities over a space of 3000-4000 square feet.

Tesla's Car Sales Slump

The auto-maker is in desperate need for a boost in its fortunes, as it witnessed a slump in its EV sales for the first time since the pandemic, which in itself is and outlier, given no significant economic activity came to pass in that period.

The US-based company, which purportedly produced up to 433,000 electric vehicles, only managed to deliver 387,000 of them, leaving 46,000 cars unsold. In addition, although BYD also saw a drop in its sale, the company continues to remain the biggest threat for Tesla in the market, given its ability to churn out cheap cars, while Tesla continues to sell its vehicles, that are too hot for many to handle.

Tesla's plan to roll out cheaper cars has been on the slow route for now, as investor grow concerned with the company's prospects, apart from dealing with Musk's own extensive erraticism.

Tesla Tackling The Slowdown

This also comes at a time, when Tesla is actively looking to set up its manufacturing unit in India. The movement towards the same gathered steam, when the Indian government altered policies to better facilitate EV makers. The centre slashed import taxes on EVs to 15 per cent, for investor who invest more than USD 500 million in India.

In another development, the company, recently is also said to have arrived at and understanding for its semiconductor chips with India's Tata. Tata Electronics, is said to have taken the responsibility of making chips for Tesla cars globally.

The company's shares have been trading in red for the longest time, as the Elon Musk-led car making company's shares have dipped a massive 32.64 per cent in just the past six months, even at a time, when the sales were doing reasonably well. The shares of the company stood at USD 171.05, when markets closed for trading on 12 April.

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