Elon Musk delayed a trip to India where he was supposed to meet Prime Minister Narendra Modi. He said he had to focus on work at Tesla and aims to visit later this year.
“Unfortunately, I have to delay my visit to India due to important Tesla work, but I’m looking forward to coming later this year,” Musk wrote on his social media platform.
This news was reported by Reuters, with four people familiar with the situation confirming the delay. Musk’s trip was supposed to include announcing plans for Tesla to start selling electric cars in South Asia, as per Reuters.
Both Musk and the prime minister are facing important moments.
Tesla could have used the India announcement to calm down investors after its share prices fell for months. On April 15, Tesla announced it would lay off over 10% of its employees.
When Tesla announces its quarterly results on Tuesday, Musk is expected to be asked tough questions by analysts about lower sales, competition from Chinese electric car companies, and the future of important Tesla products.
Reuters said on April 5 that Tesla had stopped working on its affordable electric car, often called the Model 2.
Musk denied this report, saying “Reuters is lying,” without saying what was inaccurate. He hasn’t talked more about the model since then, leaving investors wanting more information.
Rohan Patel, a Tesla executive leading the company’s plans to enter India, reportedly resigned this week.
Musk was supposed to arrive in India on Sunday, two days after India’s national elections began. Modi is expected to win a rare third term and wants to show progress in making India a big manufacturing center.
After Reuters reported Musk’s trip plans on April 10, he wrote on his social media platform that he was “Looking forward to meeting with Prime Minister Narendra Modi in India!”
In New Delhi, Musk was going to announce a $2 billion to $3 billion investment, mainly to build a factory in India. The Indian government recently announced a policy to reduce high tariffs on imported cars if companies invest in India, as Reuters reported.
Musk was also planning to meet executives from several space startups in New Delhi. He’s waiting for regulatory approval from the Indian government to start offering his Starlink satellite internet services in India.
