Some local media sources in India have reported that government may further tweak the EV policy to attract Tesla considers the market.
"Even if they commit to the current proposal, it will be after six months or so," added Gupta.
However, while the Indian EV market remains small, getting a foothold there could be a valuable endeavor for Tesla as it looks for new markets amid intense competition with Chinese EV makers such as BYD.
"With the current momentum, we project that Passenger BEV sales in India will reach 1 million units by 2030, accounting for 20% of total sales," said GlobalData's Ammar Master.