Categories: Technology

Elon Musk Postpones India Visit Due to ‘Very Heavy Tesla Obligations’

Elon Musk postponed a visit to India which would have included a meeting with Prime Minister Narendra Modi, saying he has to deal with “very heavy” obligations at Tesla Inc. 

“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,” the billionaire said in a post on X. He had been scheduled to visit for two days — April 21 and 22 — to announce plans to enter the Indian market. 

https://twitter.com/elonmusk/status/1781541775183610310?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

 

The decision to postpone comes after a hectic week at Tesla. Early Sunday, Musk announced in a memo to the company’s more than 140,000 employees that he was reducing headcount by more than 10% globally. Two top executives also departed.

On Wednesday, the company said it will ask shareholders to vote again on a $56 billion compensation package for Musk that was voided by a Delaware court in January. And on Friday, it recalled almost 3,900 of its futuristic Cybertruck pickups to fix or replace accelerator pedals that can dislodge and cause the vehicle to unintentionally accelerate, increasing risk of a crash, and cut the price of most of its cars in the US by $2,000 as sales slow and inventories rise. 

The company will also report first-quarter earnings Tuesday, having already said deliveries in the first three months of the year missed estimates by a wide margin. The stock has fallen more than 40% this year, slicing the automaker’s market value to less than $470 billion.  

Musk’s planned India visit was critical in terms of timing for both him and PM Modi. India has kicked off voting for its national elections where PM Modi is seeking a third term citing the nation’s economic rise. Investments from billionaires like Musk will burnish his appeal among voters. 

Musk is seeking permission for SpaceX’s Starlink Inc. to operate in what will be by far its biggest market. Starlink has already received assurances from India’s government that it will be able to start operating in the country as soon as the third quarter of this year, Bloomberg reported earlier. 

Tesla has also been trying to break into India for years but high import taxes were a deterrent, something Musk has pointed out repeatedly. India last month lowered import taxes on EVs from foreign carmakers that pledge to invest at least 41.5 billion rupees ($497 million) and start EV production from a local factory within three years.

A sizable investment by Tesla, on the other hand, would allow Musk to tap India’s booming electric vehicle market and counter slowing demand for EVs elsewhere. Tesla watchers, however, would want to see action on the ground after witnessing delays in previously announced projects such as the massive Mexico plant. 

© 2024 Bloomberg L.P.


(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Affiliate links may be automatically generated – see our ethics statement for details.
News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

2 weeks ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

2 weeks ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

2 weeks ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

2 weeks ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

2 weeks ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

2 weeks ago