Tesla Inc (NASDAQ:TSLA) has seen a modest response following its long-anticipated launch in India, Bloomberg reported Tuesday, with the electric car maker receiving just over 600 orders since mid-July.
According to sources cited by Bloomberg, the figure falls below Tesla’s own projections and represents only a small portion of the company’s global sales this year, which have already been experiencing a noticeable decline.
The report underscores ongoing concerns about slowing Tesla sales, particularly after data released last week indicated that European sales dropped more than 33% year-on-year from January to July.
Tesla introduced its Model Y in India in July. However, the vehicle—Tesla’s most affordable EV—carries a starting price of 59.89 lakh rupees ($69,700), significantly higher than its $44,490 base price in the U.S.
This pricing positions the Model Y in India’s luxury car segment, where Tesla faces strong competition from established international brands such as BYD (USOTC:BYDDY), BMW (TG:BMW), and Kia Corp.
Tesla also competes with domestic players like Tata Motors Ltd (LSE:0LDA) and Mahindra & Mahindra Ltd (USOTC:MAHMF), both offering electric vehicles at a fraction of the Model Y’s price, adding further pressure on Tesla’s India rollout.
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