Elon Musk, CEO of Tesla.
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Elon Musk has postponed a planned trip to India to meet Prime Minister Narendra Modi, citing his company’s obligations. Tesla The automaker said he aims to reschedule the visit for later this year.rice
“Unfortunately, Tesla’s onerous obligations require a postponement of the visit to India, but I very much look forward to visiting later this year,” Musk posted on his X social media platform.
Reuters reported the delay on Saturday, citing four people familiar with the matter. According to Reuters, the purpose of the trip is to announce the electric vehicle (EV) maker’s plans to enter the South Asian market.
Both the chief executive and the prime minister are at a critical moment.
Tesla could have used the India announcement to reassure investors after months of falling stock prices and news on April 15 that it would cut more than 10% of its global workforce.
When Tesla reports quarterly results on Tuesday, Musk is expected to face tough questions from analysts about falling sales, increasing competition from Chinese electric car makers and the future fate of Tesla’s key products.
Reuters reported on April 5 that Tesla has stopped development of its long-awaited affordable electric car (commonly known as Model 2). Accuracy. He didn’t talk further about the model, leaving investors clamoring for clarification.
Tesla’s head of public policy, Rohan Patel, who was one of the leaders of the company’s plans to enter India, also resigned this week, sources said.
Musk is due to arrive on Sunday, two days before India’s national elections begin in which Modi is expected to win a rare third term in office. Modi wanted to highlight India’s progress in achieving its promise of becoming a global manufacturing hub.
After Reuters reported on Musk’s plans for a trip to India on April 10, he posted on X that he was “looking forward to meeting Indian Prime Minister Narendra Modi!”
According to Reuters, Musk is expected to announce an investment of US$2 billion to US$3 billion in New Delhi, mainly to build a factory in India, after the Indian government announced a policy to reduce high tariffs on imported cars for companies investing locally.
He is also expected to meet with executives from several aerospace startups in New Delhi. Musk is awaiting regulatory approval from the Indian government to begin offering Starlink satellite broadband services in the world’s most populous country.
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