Tesla’s Elon Musk postpones India journey, goals to go to this yr

Elon Musk postponed a deliberate journey to India the place he was to fulfill Prime Minister Narendra Modi, citing obligations at his Tesla automaker and saying he aimed to reschedule the go to for later this yr. m

“Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,” Musk posted on his X social media platform.

Reuters reported the postponement on Saturday, citing 4 folks acquainted with the matter. The journey was to have included the announcement of plans for the electrical car (EV) maker to enter the South Asian market, Reuters has reported.

The CEO and the prime minister are each at essential junctures.

Tesla might have used the India announcement to attempt to reassure buyers after months of share-price declines and the information on April 15 that it might lay off greater than 10% of its world workforce.

Musk is anticipated to face robust questions from analysts when Tesla proclaims quarterly outcomes on Tuesday about falling gross sales, rising competitors from Chinese language EV makers and the destiny of key future Tesla merchandise.

Reuters reported on April 5 that Tesla had halted growth of its long-awaited reasonably priced EV, usually known as the Mannequin 2. Musk posted that “Reuters is lying” after the report, with out citing any inaccuracies. He has not spoken additional in regards to the mannequin, leaving buyers clamoring for readability.

Rohan Patel, a Tesla public coverage government who, in response to sources, was a kind of main the corporate’s India entry plans, additionally resigned this week.

Musk would have arrived on Sunday, two days after the beginning of India’s nationwide election, wherein Modi is forecast to win a uncommon third time period. Modi desires to spotlight progress towards guarantees of constructing India a worldwide manufacturing hub.

After Reuters reported Musk’s India journey plans on April 10, he posted on X that he was “Looking forward to meeting with Prime Minister Narendra Modi in India!”

In New Delhi, Musk was anticipated to announce an funding of $2 billion to $3 billion, primarily to construct a manufacturing unit in India, after the federal government introduced a coverage decreasing excessive tariffs on imported automobiles if corporations make investments regionally, Reuters has reported.

He was additionally anticipated to fulfill executives from a number of area startups in New Delhi. Musk is awaiting Indian authorities regulatory approvals to start providing his Starlink satellite tv for pc broadband companies on the planet’s most populous nation.