Musk postpones India visit & adjourns meeting with PM & spacetech startups

Musk postpones India visit & adjourns meeting with PM & spacetech startups

Elon Musk, the CEO of Tesla, has officially announced the postponement of his visit to India. This decision was made due to his extensive commitments at Tesla, and he eagerly anticipates rescheduling his visit for a later date within this year. Originally, Musk was scheduled to visit India on April 21 and 22, with the purpose of meeting Prime Minister Narendra Modi and unveiling Tesla's plans to enter the Indian market.

Elon Musk expressed his anticipation for a meeting with Prime Minister Narendra Modi in a tweet posted on April 10. The timing of this meeting is noteworthy, as it comes shortly after the Indian government announced a new policy for electric vehicle manufacturing. This policy enables the government to provide duty concessions to electric car companies that commit to producing vehicles in India.

PM Narendra Modi emphasized that Elon Musk is a strong advocate for India and is invited to invest, on the condition that he generates employment opportunities for the youth of India.

The previously scheduled visit happened to align with Musk's obligation to participate in a vital conference call on April 23 in the United States to answer questions about Tesla's first quarter performance.

Wedbush Securities has labeled this call as a pivotal moment for Tesla, emphasizing the importance of Musk detailing a clear plan for expansion and pricing strategies in light of decelerating growth in China. Shareholders are eager for insights regarding the release of the affordable Model 2, which is seen as crucial for the company's long-term success.

Musk has been facing challenges with a stock that has experienced a decline recently, as well as a worldwide decrease in automobile sales. Consequently, the entrance of the largest electric vehicle manufacturer in the world into the third-largest auto market globally is a noteworthy milestone.

Tesla has been compelled to reduce its global workforce by approximately 10% due to declining worldwide sales of electric vehicles and a challenging pricing landscape.

According to the previously suggested itinerary, Elon Musk was scheduled to visit India for a duration of 48 hours. During this time, he intended to hold meetings with the Prime Minister, space startups, and prominent business figures.