Elon Musk, CEO of Tesla , has postponed a planned visit to India, where he was expected to meet with Prime Minister Narendra Modi, citing obligations at his Tesla automaker and saying he aimed to reschedule the visit for later this year.
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.
"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.
The postponement, which was first reported by Reuters on Saturday, comes at a critical time for both Musk and Modi. The company's share price has declined in recent months, and it announced layoffs exceeding 10% of its global workforce on April 15.
Investors are anticipating scrutiny from analysts during Tesla's upcoming quarterly results announcement on Tuesday, with concerns regarding falling sales, competition from Chinese EV manufacturers, and the status of key future products.
A Reuters report on April 5 claimed that Tesla halted development of its anticipated affordable EV, often referred to as the Model 2. Musk posted that "Reuters is lying" after the report, without elaborating on any inaccuracies. He has not spoken further about the model, leaving investors clamouring for clarity.
Furthermore, Rohan Patel, a Tesla public policy executive reportedly leading the company's India entry plans, resigned this week.
Musk's planned arrival on Sunday would have placed him in India two days after the nation's general 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.
After Reuters reported Musk's India trip plans on April 10, he posted on X that he was "Looking forward to meeting with Prime Minister Narendra Modi in India!"
Discussions in New Delhi were anticipated to involve a potential investment of $2 billion to $3 billion, primarily for constructing a factory in India, after the government announced a policy lowering high tariffs on imported cars if companies invest locally, Reuters has reported.
He 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's most populous country.
