Why It Matters: Tesla's entry into the country marks a significant milestone for Musk, as the billionaire had been eyeing the Indian market for a while. With the debut, Tesla will initially sell the Model Y in India for $70,000 for the base-spec Rear-Wheel Drive variant.

Tesla (NASDAQ:TSLA) has officially entered the Indian market with the launch of its Model Y electric SUV, priced at around ₹6 million ($69,751), according to a price catalog published on its website.

Tesla will open its first India showroom in Mumbai next week, having imported $1 million worth of cars and merchandise, marking its entry into the world's third-largest car market despite CEO Elon Musk's complaints about high import tariffs.