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Ola CEO Bhavish Aggarwal positioned the company as Tesla's two-wheeler equivalent, solving the emissions problem for the price-sensitive Indian market.

But there's a million-dollar question - can Tesla compete in India's price-sensitive market?

“Many of them are losing money because they’re all competing with each other for that same price-sensitive customer,” Linenberg said.

“At the end of the day, they still do cater to a price-sensitive consumer.”

“Tragically, such mandates disproportionately impact minority-owned small businesses, which generally operate on lower margins and whose customers tend to be more price-sensitive.”