Elon Musk, CEO of Tesla.
Antonio Masiello | beautiful images
Elon Musk has postponed his planned trip to India, where he was to meet Prime Minister Narendra Modi, citing his obligations. Tesla automaker and said he planned to reschedule the visit for later this year. I
“Unfortunately, Tesla’s very heavy obligations have delayed the visit to India, but I look forward to visiting later this year,” Musk posted on his social media platform X.
Reuters reported the postponement on Saturday, citing four people familiar with the matter. Reuters reported that the trip included announcing plans for the electric vehicle (EV) manufacturer to enter the South Asian market.
The CEO and prime minister are both at a critical juncture.
Tesla may have used the announcement in India to try to reassure investors after months of falling stock prices and news on April 15 that it would lay off more than 10% of its global workforce mine.
Musk is expected to face tough questions from analysts when Tesla releases quarterly results on Tuesday on falling sales, growing competition from automakers. Chinese electricity and the fate of Tesla’s important future products.
Reuters reported on April 5 that Tesla had paused development of its long-awaited affordable electric vehicle, commonly known as the Model 2. Musk posted that “Reuters is lying” following the report without give any incorrect information. He has yet to say more about the model, leaving investors calling for clarification.
Rohan Patel, Tesla’s public policy executive who, according to sources, was one of the leaders of the company’s India entry plan, also resigned this week.
Musk will arrive on Sunday, two days after the start of national elections in India in which Mr. Modi is predicted to win a rare third term. Mr Modi wants to highlight progress towards his promise to make India a global manufacturing hub.
After Reuters reported on Musk’s India trip plans on April 10, he posted on X that he was “Looking forward to meeting Prime Minister Narendra Modi in India!”
In New Delhi, Musk is expected to announce an investment of between $2 billion and $3 billion, mainly to build a factory in India, after the government announced a policy to reduce high taxes on cars. imports if companies invest locally, Reuters reported.
He is also expected to meet executives of several space startups in New Delhi. Musk is waiting for regulatory approval from the Indian government to begin offering his Starlink satellite broadband service in the world’s most populous country.
