According to Bernstein analysts, Tesla has not signed up for India’s new EV policy, which offers a lower 15% duty for vehicles over $35,000 in exchange for a commitment to local manufacturing.

Tesla (TSLA) shares are drawing attention on Friday after the automaker confirmed plans of opening its first showroom in Mumbai, India on July 15. Tesla vehicles sold in India will be imported from the company’s giga factories located in Shanghai and Berlin as the EV maker doesn’t currently have a manufacturing facility in India.

The Wall Street Journal, citing people familiar with the situation, on Tuesday reported that Troy Jones, who on his LinkedIn page is described as a vice president of sales and service in North America, has left Tesla after a 15-year run with the EV maker. Tesla did not respond to a request for comment in time for publication.

Tesla has opened its first showroom in India, marking the electric vehicle maker’s long-anticipated debut in the world’s third-biggest automotive market.

Tesla stock plunged nearly 8% after Elon Musk launched the American Party, sending shockwaves through Wall Street. The stock, once flying high at over $488 in December after Trumps re-election, has now dropped 35%,

Elon Musk’s $1 trln company is opening its first showroom in the world’s third-largest car market. High import duties are likely to limit sales. But India’s small electric-vehicle market is growing fast,