Elon Musk, the CEO of Tesla, has postponed his planned trip to India, which was scheduled for April 22, where he was to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market.
Musk was expected to announce an investment of $2 billion to $3 billion, mainly to build a factory in India. The CEO had expressed his excitement about the India visit on X, following Reuters’ April 10 report of his planned trip. However, Musk postponed the trip due to “very heavy Tesla obligations”.
The decision to postpone the trip came after Tesla grappled with investor concerns following months of declining share prices and the recent announcement of a 10% global workforce reduction.
India’s EV market has been witnessing a surge in demand due to price cuts from local manufacturers, making it an attractive market for Tesla’s entry.
However, Musk is expected to face intense scrutiny from analysts during Tesla’s upcoming quarterly results announcement on Tuesday, as they seek answers about falling sales, escalating competition from Chinese EV makers, and the uncertain future of key Tesla products.
Musk’s visit to India was scheduled for Sunday, just two days after the commencement of India’s national elections, during which Modi aims to showcase progress towards his goal of transforming India into a global manufacturing hub.
In New Delhi, he was anticipated to announce a potential investment of US$2 billion to US$3 billion, primarily for constructing a factory, after the Indian government announced a policy reducing high tariffs on imported cars for companies investing locally.
Despite the postponement, Musk expressed his intention to reschedule the visit for later this year. The CEO had tweeted on April 10 that he was looking forward to meeting PM Narendra Modi.
