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Tesla drives into India: Mumbai showroom opens with high-priced model Y
MUMBAI: Mumbai played host to a pivotal moment in India’s electric vehicle narrative on Tuesday as Tesla officially inaugurated its first showroom, a sleek 4,000 sq ft experience centre at the upscale Maker Maxity Mall in Bandra Kurla complex (BKC).1 The much-anticipated debut marks the EV behemoth’s initial physical foray into one of the globe’s burgeoning EV markets, kicking off its Indian journey with the Model Y SUV.
The Model Y, imported as completely built units (CBUs) from Tesla’s Shanghai Gigafactory, comes with a rather hefty price tag for Indian consumers: the rear-wheel drive variant is listed at Rs 60 lakh, while the long-range version will set buyers back Rs 68 lakh.2 These figures significantly eclipse Tesla’s base pricing in established markets such as the US ($44,900), China (263,500 yuan), and Germany (45,970 euros), largely due to India’s substantial import duties. Customs documentation revealed each Model Y arrived at Mumbai port declared at Rs 27.7 lakh ($31,988), attracting over Rs 21 lakh in import duties, aligning with India’s 70 per cent tariff on fully-built vehicles priced under $40,000.
Beyond the showroom, which is strategically located near Apple’s flagship store, Tesla has imported nearly $1 million worth of Supercharger infrastructure and accessories from the US and China, earmarked for installation around Mumbai to support early adopters. The company is also establishing a dedicated service centre in Kurla West for after-sales support.
The long-term play for India appears clear. Tesla already boasts a registered office in Bengaluru and an engineering hub in Pune. Maharashtra deputy chief minister, Devendra Fadnavis, underscored this broader vision, hailing Tesla’s arrival as more than a mere commercial venture.
“This is not just the inauguration of an experience centre but a statement that Tesla has arrived, a statement that it has arrived in the right city and state, that is Mumbai, Maharashtra. Mumbai stands for innovation and sustainability. Tesla is not just a car and car company but stands for innovation and sustainability,” Fadnavis declared.
Tesla had teased its entry on its India-specific X handle with a coming coon” post, hinting at a July 2025 debut.
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Reliance Retail FY26 revenue rises 11.8 Per Cent to Rs 3.7 lakh crore
Q4 revenue up 11.1 Per Cent, hyperlocal orders surge 4x, PAT steady
MUMBAI: Reliance Retail isn’t just ringing up sales, it’s ringing doorbells faster than ever. Reliance Retail Ventures Limited (RRVL) reported a steady FY26 performance, with growth powered by store expansion, a sharp surge in hyperlocal commerce, and consistent traction across grocery, fashion and jewellery. For the full year, revenue rose 11.8 per cent year-on-year to Rs 3,70,026 crore. In the January–March quarter, revenue from operations climbed 11.1 per cent to Rs 87,344 crore, up from Rs 78,622 crore a year earlier.
Operating performance remained stable, with Q4 EBITDA inching up 3.1 per cent YoY to Rs 6,921 crore from Rs 6,711 crore. However, quarterly profit after tax held steady at Rs 3,563 crore. For the full fiscal, PAT grew 11.7 per cent to Rs 13,842 crore.
Expansion remained a key lever. RRVL added 1,564 new stores during FY26, while simultaneously scaling its digital and hyperlocal commerce play. The latter emerged as a standout, with daily orders surging more than fourfold year-on-year in Q4, underlining a clear shift towards faster, localised fulfilment.
In grocery, large-format stores maintained momentum, aided by festive demand and the expansion of Smart Bazaar, which crossed 1,000 stores. Promotional campaigns such as ‘Full Paisa Vasool’ delivered record results, with sales rising 26 per cent YoY.
Digital commerce also picked up pace. JioMart added 5.8 million new users in Q4, nearly doubling its registered base year-on-year. Hyperlocal orders grew 29 per cent sequentially and over 300 per cent annually during the quarter.
Fashion and lifestyle saw steady traction. Ajio recorded a 23 per cent YoY rise in average bill value, while fast-fashion platform Shein crossed 11 million app installs, scaling rapidly with expanding product lines.
The jewellery business added further shine, with average bill value jumping 53 per cent YoY, largely driven by rising gold prices and sustained consumer demand.
Commenting on the shift, RRVL executive director Isha Ambani said hyperlocal commerce has become a structural growth driver, with orders rising more than fourfold over the year.
Looking ahead to FY27, the company is betting on technology to deepen engagement. The focus, Ambani noted, will be on AI-led merchandising, sharper pricing strategies and disciplined execution turning scale into sustained customer value.
In short, the carts are fuller, the clicks are quicker, and the next phase looks less about reach and more about precision.
