Tesla's Mumbai debut: Here's how much the Model Y will cost

Tech billionaire Elon Musk's Tesla has priced its Model Y at about USD 69,770 in India (approx. Rs 59.9 lakh), the highest among major markets, its website showed, as the electric carmaker geared up to open its first showroom in Mumbai on Tuesday.

With delivery estimated to start from the third quarter, Tesla will drive on to India's busy roads, targeting a niche premium EV segment that accounts for just 4% of overall sales in the world's third-largest car market.

It will compete mainly with German luxury giants such as BMW and Mercedes-Benz, rather than domestic mass-market EV players such as Tata Motors and Mahindra.

Tesla's Model Y rear-wheel drive will set back buyers 6 million rupees ($70,000), while its Model Y long-range rear-wheel drive costs 6.8 million.

That compares with a starting price from $44,990 in the United States, 263,500 yuan ($36,700) in China, and 45,970 euros ($53,700) in Germany.

Grappling with excess capacity in global factories and declining sales, Tesla has adopted a strategy of selling imported vehicles in India, despite duties and levies running into roughly 70%.

Inside the showroom clad in Tesla's signature minimalist neutral tones, the Model Y was draped under black and grey covers, partially visible through the glass. Access was tightly regulated, with no sign of fans or onlookers nearby.

Tesla's website showed the Model Y available for registration in Mumbai at an on-road price of 6.1 million rupees, with a booking deposit of 22,220 rupees.

The firm's Full Self-Driving (FSD) capability is on offer at an additional cost of 600,000 rupees, with future updates promised to enable operation with minimal driver intervention.

While the current features require active driver supervision and are not fully autonomous, Tesla says the system will evolve through over-the-air software updates.