- Elon Musk will not be going to India this month.
- Musk cited “heavy Tesla obligations” in an X put up on Saturday.
- Tesla has confronted Cybertruck remembers, layoffs, and rival competitors in current months.
Elon Musk has postponed his journey to India amid the ongoing chaos at Tesla.
Musk announcement the choice by way of X — the social media web site he purcahsed two years in the past — on Saturday. The Tesla CEO was anticipated to go to India early subsequent week to meet with Prime Minister Narendra Modi.
“Sadly, very heavy Tesla obligations require that the go to to India be delayed, however I do very a lot sit up for visiting later this 12 months,” Musk wrote.
Musk did not publicly share many particulars concerning the journey, however sources advised Reuters he deliberate to announce a $2 to $3 billion funding in India. Musk needs to construct a brand new manufacturing facility in India, the place the EV market is tiny however gaining steam, thet outlet reported.
Musk hinted at India’s rising EV market in an X put up final week.
“India commits to promote solely electrical automobiles by 2030. It’s already the most important marketplace for solar energy,” he wrote.
Musk’s determination to postpone coincides with Tesla sharing its Q1 earnings on April 23, when Musk and traders will reckon with the corporate’s tumultuous begin to 2024.
BI reported in early April that Musk’s Tesla has struggled to compete in China’s EV market as rival corporations make “aggressive value cuts.” An equities strategist advised BI that Tesla’s troubles in China possible contributed to the corporate’s first-quarter supply miss.
Justin Sullivan
Round that point, Tesla inventory slid 7%.
By mid-April, Musk introduced that Tesla would layoff 10% of its world workforce in an inner memo to employees. The current layoffs have been additional slowed down by experiences that some workers acquired “incorrectly low” severance packages. One other spherical of layoffs hit its recruiting division on Friday.
Tesla additionally not too long ago recalled virtually 4,000 of its Cybertrucks over defective accelerator pedals. Musk wrote on X that Tesla was unaware of any “accidents or accidents” associated to the issue.
“We’re simply being very cautious,” Musk wrote.
Musk didn’t instantly reply to a request for remark from Enterprise Insider.
