Elon Musk has postponed a visit to India that was expected to include a meeting with Prime Minister Narendra Modi, saying he needed to address pressing issues at Tesla Inc.
“Unfortunately, Tesla’s very heavy obligations require postponing the visit to India, but I am very much looking forward to a visit later this year,” the billionaire wrote in a message on X. He was scheduled to visit for two days in April. 21 and 22 – to announce plans enter the Indian market.
The decision to postpone comes after a busy week at Tesla. Early Sunday morning, Musk announced in a memo to the company’s more than 140,000 employees that he was cutting headcount by more than 10% worldwide. Two top managers also left.
The company said Wednesday it will ask shareholders to vote again on Musk’s $56 billion compensation package, which was overturned by a Delaware court in January. And on Friday, Tesla recalled nearly 3,900 Cybertruck pickups and cut prices on most of its vehicles in the U.S. by $2,000 as sales slow and inventories rise.
The company will also report first-quarter earnings on April 23, having already reported vehicle deliveries. missing grades by a wide margin. Shares have fallen more than 40% this year, plunging the automaker’s market value to less than $470 billion.
Musk’s planned visit to India was timing-critical for both him and Modi. India has begun voting in national elections in which Modi is seeking a third term, citing the country’s economic recovery. Investments from billionaires like Musk will increase his appeal among voters.
Musk is seeking permission for SpaceX’s Starlink to operate in what is by far the company’s largest market. Starlink has already received assurances from the Indian government that it will be able to begin operating in the country in the third quarter of this year, Bloomberg reports. previously.
Tesla has also been trying to enter India for years, but has been held back by high import taxes, something Musk has repeatedly pointed out. Last month, India cut import taxes on electric vehicles from foreign automakers, who pledged to invest at least 41.5 billion rupees ($497 million) and start producing electric vehicles at a local plant within three years.
Tesla’s significant investment will allow Musk to tap into the growing electric vehicle market in India and combat slowing demand for electric vehicles in other countries. However, Tesla watchers would like to see action on the ground after seeing delays in previously announced projects such as the construction of a huge plant in Mexico.