Elon Musk postponed a planned trip to India, where he would meet Prime Minister Narendra Modi, citing obligations at his Tesla automaker and saying he aimed to reschedule the visit for 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,” Musk posted on his X social media platform.

Reuters reported the postponement on Saturday, citing four people familiar with the matter. The trip was to have included the announcement of plans for the electric vehicle (EV) maker to enter the South Asian market, Reuters has reported. The CEO and the prime minister are both at critical junctures.

Tesla could have used the India announcement to try and reassure investors after months of share-price declines and the news on April 15 that it would lay off more than 10 per cent of its global workforce.

Musk is expected to face tough questions from analysts when Tesla announces quarterly results on Tuesday about falling sales, rising competition from Chinese EV makers and the fate of key future Tesla products.

Reuters reported on April 5 that Tesla had halted development of its long-awaited affordable EV, often called the Model 2. Musk posted that “Reuters is lying” after the report, without citing any inaccuracies. He has not spoken further about the model, leaving investors clamouring for clarity.

Rohan Patel, a Tesla public policy executive, who according to sources was one of those leading the company’s India entry plans, also resigned this week.

Musk would have arrived on Sunday, two days after the start of India’s general 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.

After Reuters reported Musk’s India trip plans on April 10, he posted on X that he was “Looking forward to meeting with Prime Minister Narendra Modi in India!”

In New Delhi, Musk was expected to announce an investment of $2 billion to $3 billion, mainly to build a factory in India, after the government announced a policy lowering high tariffs on imported cars if companies invest locally, Reuters has reported.

He was also expected to meet executives from several space startups in New Delhi. Musk is awaiting Indian government regulatory approvals to begin offering his Starlink satellite broadband services in the world’s most populous country.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Wheat price crash
20 May, 2024

Wheat price crash

WHAT the government has done to Punjab’s smallholder wheat growers by staying out of the market amid crashing...
Afghan corruption
20 May, 2024

Afghan corruption

AMONGST the reasons that the Afghan Taliban marched into Kabul in August 2021 without any resistance to speak of ...
Volleyball triumph
20 May, 2024

Volleyball triumph

IN the last week, while Pakistan’s cricket team savoured a come-from-behind T20 series victory against Ireland,...
Border clashes
19 May, 2024

Border clashes

THE Pakistan-Afghanistan frontier has witnessed another series of flare-ups, this time in the Kurram tribal district...
Penalising the dutiful
19 May, 2024

Penalising the dutiful

DOES the government feel no remorse in burdening honest citizens with the cost of its own ineptitude? With the ...
Students in Kyrgyzstan
Updated 19 May, 2024

Students in Kyrgyzstan

The govt ought to take a direct approach comprising convincing communication with the students and Kyrgyz authorities.