After years of anticipation, Tesla Inc. (TSLA) is set to launch the Model Y sedan, the world’s highest-selling electric car, in India this July.
According to a Bloomberg report, the Elon Musk-led EV giant’s foray into India will begin with made-in-China models, with the Model Y set to be priced at $56,000 before taxes and other charges.
Tesla’s shares were up over 2.2% during Friday’s opening trade. Stocktwits data indicates that retail sentiment regarding Tesla stock has been in the ‘bullish’ territory over the past week.
The company is expected to bring the Model Y rear-wheel drive variant to India. The car is reportedly manufactured in China.
The report added that Tesla will open a showroom in Mumbai by mid-July, with another outlet expected to be opened in Delhi. The company has also reportedly imported Supercharger components, accessories, spares, and merchandise from its facilities in the U.S., China, and the Netherlands.
Tesla sells the same Model Y variant in the U.S. for $44,990, and after federal tax credits, the effective price comes to $37,490.
If it materializes, this will end a years-long wait for Tesla’s India launch. This comes after Musk met with Indian Prime Minister Narendra Modi in February of this year. Still, it’s unclear if this meeting contributed to Tesla’s eventual entry into the Indian market.
Meanwhile, the company has been struggling in Europe. Tesla sales have been on a downward trajectory in the U.K., Italy, Germany, France, Portugal, and Spain, among other countries in the region.
Tesla’s stock is down almost 21% year-to-date, but up nearly 77% over the past 12 months.