Tesla ( TSLA) officially launched in India on Tuesday, making a small bet on a country with massive growth potential.

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.

While the average price of a car sold in India is $13,000, Tesla Inc. (NASDAQ: TSLA) will sell its Model Y there for about $69,770, according to Reuters. India is the world’s fourth-largest car market.

Global electric vehicle giant Tesla is set to make its long-awaited India debut on Tuesday, with the launch of its flagship Model Y SUV expected to headline the occasion. The American automaker has locked in Mumbai’s upscale Bandra Kurla Complex (BKC) as the location for its first showroom in the country,