'Very Heavy Tesla Obligations', Elon Musk Pospons India Trip, Promises To Visit Later This Year
Amid the turmoil in his company, Tesla CEO Elon?Musk?on Saturday said that he has proposed his visit?to India, which among others could have seen the entry of the EV maker in the country.?Without giving much detail, Musk said his India trip?has been postponed due to "very heavy Tesla obligations".
Tesla and Starlink India entry
Musk was expected to be in India on April 21 and 22 and scheduled to meet Prime Minister Narendra Modi.
According to reports, the much-awaited entry of Tesla into India would have been announced by Musk during his India trip. It was also expected that Tesla would set up its manufacturing unit in India investing billions of dollars.
Another of Musk's businesses, Starlink, which provides satellite-based internet service was also expected to make an entry in India, reportedly with an Indian partner.
In November 2022, Starlink?had?applied for a GMPCS (Global Mobile Personal Communication by Satellite) license in India, which is still under process.
Musk's Tesla obligations
The 'Tesla obligations' Musk mentioned come at a time when the electric carmaker is expected to?announce its quarterly results amid negative growth in China and massive global layoffs.
The Tesla CEO has to address five key issues during the conference call on April 23 -- Strategies to reverse negative growth in China and pricing plans; provide clear 2024 goals and financial outlook; commit to launching Tesla Model 2 alongside robotaxis development; clarify AI initiatives and ownership concerns; and announce an AI day to outline strategy and?monetisation, according to the report.
The earnings conference call is said to be "one of the most important moments in the company's history."
Tesla shares down 30 per cent
Tesla's shares had fallen by as much as 30?per cent?in the first three months of 2024. Amid the slowdown and?layoffs?Tesla was also dealt another major blow after it was ordered to recall nearly 4,000 of its Cybertrucks due to a fault in its accelerator pedal that can stick in place when pressed down.
For more news and current affairs from around the world, please visit?Indiatimes News.
