Tesla refunds older bookings of its model 3 in India, company may start start its business in count, elon musk

Tesla, one of the large electric vehicle (EV) companies, has started refunding its model 3 booking in India about nine years ago. This is indicating the Bilinyer Company to start a business soon in the country of Business Elon Musk in the country. In the report of Bloomberg News, this information has been given by email sent to the customers by the company. This email states, “We want to return your reservation fees. When we finalize our offer in India, we hope you will come back.” These bookings were made for model 3 of the company in 2016. Tesla has stopped selling the old version of Model 3.

Competition has increased in EV market for Tesla over the years. It has also affected the sales and profit of the company. The company’s net profit decreased by 71 percent in the first quarter of this year. China’s byd sales have increased rapidly in the last few years in the International Market of EV. Last year, byd has surpassed Revenue Tesla from the sales of electric cars. It sells both electric and hybrid cars, while Tesla’s portfolio contains only electric cars.

Tesla is planned to start business in India. The company’s first showroom in the country may open at Brandra Kurla Complex (BKC) in Mumbai. Recently, the company has taken a space of about 4,000 square feet in BKC’s Maker Maxity Building. In the second half of this year, the company can start business in the country. Earlier this month, Prime Minister Narendra Modi had a telephone conversation with Musk. The Musk then indicated that he could visit the country soon. Last week, Tesla said that 100 percent import tariff on cars in India is making customers difficult. Tesla’s Chief Financial Officer, Vaibhav Taneja had said that the company is assessing when it has to enter this ‘very beneficial’ market. However, the arrival of Tesla will increase competition in the country’s EV market.