Elon Musk, the CEO of Tesla, has deferred his much-anticipated trip to India, where he was slated to meet with Prime Minister Narendra Modi and participate in engagements with India’s burgeoning space and automotive sectors.
In a late-night announcement on X (formerly Twitter) on Friday, Musk cited pressing Tesla commitments as the reason for postponing his visit to India. He expressed regret over the delay but conveyed his anticipation for a visit later in the year.
The billionaire entrepreneur was scheduled to engage in a roundtable discussion with India’s space startups and hold a pivotal meeting with Prime Minister Modi on Monday. Additionally, Musk was expected to unveil his ambitious plans for Tesla’s entry into the world’s third-largest auto market, India.
Tesla’s decision to postpone Musk’s visit comes amidst challenges in its major markets, particularly the United States and China, where the company has been grappling with a downturn in sales. The recent announcement of layoffs affecting 10% of Tesla’s workforce underscores the intensifying pressures on the electric vehicle (EV) manufacturer.
In India, the government’s unveiling of a new Electric Vehicle (EV) policy in March, which significantly reduced import taxes for EVs, has sparked industry interest. However, analysts remain cautious about the uptake of EVs, projecting that only around 5% of all automobiles in India will be electric by 2030, falling short of the government’s ambitious target of 30%.
Before Musk’s scheduled visit, India held consultations with industry players, including Tesla representatives, to devise guidelines for operationalizing the new EV policy. Additionally, recent amendments under the Foreign Exchange Management Act, allowing up to 100% foreign direct investment in the space sector, underscored India’s efforts to attract foreign investment and technological expertise.
During his anticipated two-day visit, Musk was also expected to advocate for Starlink, a project by his aerospace company SpaceX, aimed at providing high-speed Internet through a constellation of low Earth orbit satellites.
While Musk’s postponement has disappointed many eager to witness his engagement with India’s tech and automotive sectors, expectations remain high for his eventual visit, which is anticipated to catalyze significant developments in India’s EV and space industries.