India, July 12 -- Elon Musk's Tesla Inc. is reportedly expected to launch its first showroom in Mumbai on July 15. This will mark the electric vehicle (EV) giant's formal entry into the world's third-largest automobile market.

According to an HT.com report citing Bloomberg, Tesla has already shipped five Model Y units from its Shanghai plant to Mumbai. Each vehicle was declared at Rs.27.7 lakh (approximately $31,988), but steep import duties of over Rs.21 lakh per unit, due to India's 70% tariff on fully built imported cars.

According to property registration documents accessed by CRE Matrix, Tesla took 4,000 sq ft of showroom space in India's costliest commercial district, BKC, in Mumbai, for Rs.23.38 crore for five years in February 2...