Elon Musk Delays India Visit,

Elon Musk Delays India Visit:

Elon Musk has postponed his anticipated trip to India, which included a slated meeting with Prime Minister Narendra Modi, attributing the delay to pressing obligations at Tesla Inc.

In a statement shared on X, Musk expressed regret, stating, “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.” Originally set for April 21 and 22, the visit aimed to unveil Tesla’s entry plans into the Indian market.

The postponement comes amid a hectic week for Tesla. Musk announced a workforce reduction of over 10% globally and witnessed the departure of two senior executives. Moreover, the company is pursuing shareholder approval for a $56 billion compensation package for Musk, invalidated by a Delaware court in January. Additionally, Tesla issued a recall for nearly 3,900 Cybertruck pickups due to accelerator pedal concerns and slashed car prices in the US by $2,000.

The planned visit bore significance for both Musk and PM Modi, coinciding with India’s ongoing national elections. Musk’s prospective investment in India could have enhanced Modi’s standing as he seeks a third term, underlining the country’s economic advancement.

Furthermore, Musk is in pursuit of authorization for SpaceX’s Starlink Inc. to operate in India, a venture backed by governmental assurances. Tesla has long sought entry into the Indian market, challenged chiefly by steep import taxes, recently alleviated for EVs from foreign automakers committing to local production investment.

A substantial Tesla investment in India holds promise for tapping into the nation’s burgeoning electric vehicle sector and offsetting weakening demand elsewhere. Nonetheless, stakeholders will await concrete developments, particularly following past project delays like the Mexico plant.

source : elonmusk