- Elon Musk postponed a planned trip to India where he was to meet Prime Minister Narendra Modi, citing obligations at Tesla.
- Musk would have arrived on Sunday, two days after the start of India’s national election, in which Modi is forecast to win a rare third term.
- Modi wants to highlight progress toward promises of making India a global manufacturing hub.
Elon Musk cancelled a trip to India where he was scheduled to meet Prime Minister Narendra Modi due to commitments at his Tesla automaker. He stated that he intended to reschedule the visit for a later time this year.
Why this India trip plan is much anticipated?
Part of the trip’s agenda was to announce the company’s intentions to join the South Asian market as an electric vehicle (EV) manufacturer, according to Reuters.
Both the prime minister and the CEO are in pivotal positions.
Tesla may have attempted to reassure investors with the announcement from India following months of declining share prices and the announcement on April 15 that it would be laying off over 10% of its global workforce.
When Tesla releases its quarterly results on Tuesday, analysts are likely to grill Musk about declining sales, growing competition from Chinese EV manufacturers, and the future of important Tesla products.
Two days after India’s national election began, on Sunday, Musk would have arrived. Modi is expected to win an uncommon third term. Modi wishes to emphasize his commitment to turning India into a major hub for global manufacturing.
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Also read: Musk to visit India, expected to announce Tesla’s factory plan
More information about Musk’s India trip plan
Musk wrote on X that he was “Looking forward to meeting with Prime Minister Narendra Modi in India!” on April 10th, following the news of Reuters’ report about his plans to visit India.
Musk was expected to declare an investment of $2 billion to $3 billion in New Delhi, primarily for the construction of an Indian factory, following the government’s announcement of a policy that lowers high import car tariffs for businesses that invest locally, according to Reuters.
In New Delhi, he was also scheduled to meet with executives from several space startups. Musk is awaiting regulatory approval from the Indian government before launching his Starlink satellite broadband services in the most populous nation on earth.
