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Wednesday, May 29, 2024

Elon Musk Postpones India Trip Citing “Very Heavy” Tesla Obligations

Tesla chief Elon Musk this morning said he has postponed his planned trip to India due to “very heavy Tesla obligations”, a day before his visit was expected to begin. Musk, who owns Tesla and SpaceX, was to meet Prime Minister Narendra Modi during his two-day visit and announce investment plans for his businesses.

The world’s richest man confirmed on X he has delayed his trip, but said he looks forward to visiting India later this year.

“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,” said the tech entrepreneur.

Musk had said last week that he was “looking forward to meeting with Prime Minister Narendra Modi in India”, after which reports said he could arrive here on April 21.

He met the Prime Minister in the US last June and assured that Tesla will enter the Indian market “as soon as humanly possible”.

He was expected to announce $2-3 billion investments in India, with his visit likely marking breakthroughs for Tesla and Starlink, a satellite internet operator he owns.

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Tesla, an electric carmaker, is reportedly looking for newer markets amid sales slowdown in the US and China. India is among potential markets for Tesla, especially after the government lowered taxes on imported cars of companies that invest locally.

Starlink too is set to receive initial approvals to operate in India, news agency AFP reported. Days earlier, the government notified changes to its foreign direct investment policy in the space sector to liberalise entry routes for offshore investors in Indian companies.

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