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Indians wanting their money back for undelivered Teslas shows how drastically the EV market changed

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HANOI, Vietnam — In April 2016, Elon Musk invited Indians to preorder the upcoming Tesla Model 3. Vishal Gondal was one of the first to sign up, paying a $1,000 deposit for a car that never arrived.

The founder and CEO of a health-tech startup called GOQii in India's financial capital Mumbai, Gondal wasn't sure when the automaker would launch in India or how much the car would eventually cost. But the Elon Musk fan was excited about the Model 3 and willing to wait.In the eight years since Tesla's initial promise to sell cars in India, other automakers have launched their own EVs.

'What was a huge opportunity five years ago is now almost a weight around their neck,' he said.To keep a leading position among global automakers, Tesla needs new, more affordable cars for emerging markets like India, Tu said. Even a car priced at $25,000 is not competitive in China given the dominance of Chinese EV makers like BYD. They're expanding overseas with both cheap and premium cars, wiping out Tesla's first-mover advantage in a place like India.

 

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Indians wanting their money back for undelivered Teslas shows how drastically the EV market changedHANOI, Vietnam — In April 2016, Elon Musk invited Indians to preorder the upcoming Tesla Model 3. Vishal Gondal was one of the first to sign up, paying a $1,000 deposit for a car that never arrived.
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