Elon Musk postponed a planned trip to India where he was to meet Prime Minister Narendra Modi, citing obligations at his Tesla TSLA.O automaker and saying he aimed to reschedule the visit for later this year.
\n\u201cUnfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,\u201d Musk posted on his X social media platform.
\nReuters reported the postponement on Saturday, citing four people familiar with the matter. The trip was to have included the announcement of plans for the electric vehicle (EV) maker to enter the South Asian market, Reuters has reported.
\nThe CEO and the prime minister are both at critical junctures.
\nTesla could have used the India announcement to try to reassure investors after months of share-price declines and the news on April 15 that it would lay off more than 10% of its global workforce.
\nMusk is expected to face tough questions from analysts when Tesla announces quarterly results on Tuesday about falling sales, rising competition from Chinese EV makers and the fate of key future Tesla products.
\nReuters reported on April 5 that Tesla had halted development of its long-awaited affordable EV, often called the Model 2. Musk posted that \u201cReuters is lying\u201d after the report, without citing any inaccuracies. He has not spoken further about the model, leaving investors clamouring for clarity.
\nRohan Patel, a Tesla public policy executive who, according to sources, was one of those leading the company\u2019s India entry plans, also resigned this week.
\nMusk would have arrived on Sunday, two days after the start of India\u2019s nation election, in which Modi is forecast to win a rare third term. Modi wants to highlight progress toward promises of making India a global manufacturing hub.
\nAfter Reuters reported Musk\u2019s India trip plans on April 10, he posted on X that he was \u201cLooking forward to meeting with Prime Minister Narendra Modi in India!\u201d
\nIn New Delhi, Musk was expected to announce an investment of $2 billion to $3 billion, mainly to build a factory in India, after the government announced a policy lowering high tariffs on imported cars if companies invest locally, Reuters has reported.
\nHe was also expected to meet executives from several space startups in New Delhi. Musk is awaiting Indian government regulatory approvals to begin offering his Starlink satellite broadband services in the world\u2019s most populous country.
\n(Reuters)electric vehicle. India, Elon Musk, Tesla<\/p>\n","protected":false},"excerpt":{"rendered":"
Elon Musk postponed his planned trip to India to meet Prime Minister Narendra Modi due to heavy obligations at Tesla. The visit was to include the announcement of Tesla’s entry into the Indian market. Musk is facing tough questions from analysts about falling sales and the fate of key Tesla products. Musk was expected to announce a -3 billion investment in building a factory in India.<\/p>\n","protected":false},"author":5,"featured_media":8951,"comment_status":"open","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[4039,1664,33,426,6548,3818,1600,1969,4081,415,937,7212,2753,3404,2952,1346,6140,7134,3331,4833,1908,5838,1792,6143,3840,4620,6106,1806,817,6842,335,2543,3961,805,3438,4100,6305,18],"class_list":["post-8950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-building","tag-cars","tag-companies","tag-competition","tag-delayed","tag-development","tag-election","tag-elon-musk","tag-future","tag-government","tag-india","tag-india-trip","tag-investment","tag-investors","tag-media","tag-meeting","tag-modi","tag-narendra-modi","tag-news","tag-policy","tag-postponed","tag-price","tag-prime-minister","tag-prime-minister-narendra-modi","tag-progress","tag-report","tag-sales","tag-services","tag-social-media","tag-social-media-platform","tag-space","tag-startups","tag-tariffs","tag-tesla","tag-vehicle","tag-visit","tag-who","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n