Elon Musk's Tesla Leases Office Space In Pune INR 11.65 Lakh

Elon Musk’s Tesla Leases Office Space in Pune at a Monthly Rent of INR 11.65 Lakh

Tesla

Automotive Company

Founders: Elon Musk, Martin Eberhard, JB Straubel, Marc Tarpenning, Ian Wright
Headquarters: Austin, Texas, United States
Founded: 1 July 2003, San Carlos, California, United States
CEO: Elon Musk (Oct 2008–)
Revenue: 8,146.2 crores USD (2022)
Subsidiaries: Tesla Energy, MORE

Elon Musk’s Tesla India Motor & Energy Pvt Ltd is making significant strides towards entering the Indian market, as evidenced by its recent move to lease office space in Pune’s Panchshil Business Park. This decision closely follows a meeting between two Tesla senior executives and Invest India officials to discuss the company’s plans to establish an electric vehicle manufacturing plant in India.

According to real estate data analytics firm CRE Matrix, the leased office space spans 5,850 sq.ft on the first floor of B wing in Panchshil Business Park. The leasing agreement, spanning five years, was made with Tablespace Technologies Pvt Ltd and involves a monthly rent of INR 11.65 lakh, along with a security deposit of INR 34.95 lakh for the 60-month lease period. Additionally, the deal includes five car parks and 10 bike parks.

The lease agreement, accessed from CRE Matrix, indicates a lock-in period of 36 months with a 5 percent per annum escalation clause, and rental payments are slated to commence on October 1, 2023.

Situated in Viman Nagar, Panchshil Business Park is currently undergoing construction and boasts a vast development size of 10,77,181 sq. Ft. It enjoys convenient accessibility from prominent residential hubs such as Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi, being just 500 meters away from Nagar Road and three kilometers from the Pune international airport.

Tesla’s intentions of entering the Indian market have been a subject of interest since its Indian subsidiary was registered in Bengaluru back in 2021. The company expressed a clear desire to establish a manufacturing facility in India, with plans to manufacture electric vehicles and batteries locally. Elon Musk himself met with Prime Minister Narendra Modi during his US trip in June, expressing a keen interest in setting up the facility in India.

Tesla’s progress in India has generated speculation, with reports indicating that the company is planning to launch a new car model specifically for the Indian market, priced around $24,000 (roughly INR 20 lakh). There have also been discussions with Indian officials to facilitate the arrival of Tesla’s Chinese suppliers to India, with suggestions that the company follows a path similar to Apple in India.

Musk remains optimistic about Tesla’s presence in India, stating, “We are just trying to figure out the right timing … I am confident that Tesla will be in India and will do so as soon as humanly possible.” He has also been advocating with the Indian government to reduce import duties on electric cars, as he aims to import and sell Tesla vehicles in the country and assess their success in the Indian market.