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Tuesday May 21, 2024

Elon Musk postpones highly anticipated trip to India

Musk was scheduled to visit India for two days to meet PM Modi and announce his plans to enter huge Indian market

By Web Desk
April 20, 2024
Tesla CEO Elon Musk was scheduled to meet Indian Prime Minister Narendra Modi. — Bloomberg/File
Tesla CEO Elon Musk was scheduled to meet Indian Prime Minister Narendra Modi. — Bloomberg/File

Tesla chief executive Elon Musk has postponed his highly anticipated trip to India due to "heavy duty Tesla obligations".

Musk was scheduled to visit India for two days, April 21 and April 22, to meet Prime Minister Narendra Modi and announce his expected plans to enter the huge Indian market.

Musk announced the new development via a post on X, formerly Twitter. He wrote: "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."

Before his announcement, rumours had begun floating that his India trip dates coincided with his scheduled call with Tesla investors and analysts.

During his two-day trip to India, he was scheduled to meet Modi, several executives from different space start-ups, and announce at least a $2–3 billion investment as Tesla reportedly plans on setting up a factory to manufacture entry-level electric cars speculated to be Model 2.

News regarding Musk’s visit to India came weeks after the Modi government announced a new policy regarding electric vehicles under which import duty concessions were to be given to companies that planned on setting up manufacturing units in the country with a minimum investment of $500 million.