Elon Musk has postponed a trip to India, including a planned meeting with the prime minister, Narendra Modi, after citing “very heavy obligations” at Tesla.
The Tesla chief executive was due to visit on 21 April and 22 April, where he was expected to announce an investment of $2-3bn in the country, according to Reuters, with the spending plans focused on building a new plant in India.
Musk said in a post on X that he had to push back the visit due to pressures at the electric car maker, which reports quarterly results on Tuesday.
“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,” he wrote.
Tesla is expected to report its worst performance in seven years this week, due to slowing global demand for electric vehicles and pressure on prices from Chinese rivals. The company has already indicated a poor first quarter in terms of sales, after it revealed this month that deliveries missed market expectations by about 13%.
Tesla has reacted to the slowdown by laying off more than 10% of its global workforce, equivalent to at least 14,000 roles.
Musk faces questions from analysts on growth in China, plans for a cheaper electric car known as the “Model 2” and whether a reported switch in focus to self-driving robotaxis will affect the project. Shares in Tesla have declined 40% so far this year. Analysts at Wedbush Securities wrote last week that Tuesday’s conference call with the investment community represented a “moment of truth” for Musk and Tesla.
“While we have seen much more tenuous times in the Tesla story going back to 2015, 2018, 2020 … this time is clearly a bit different as for the first time many longtime Tesla believers are giving up on the story and throwing in the white towel,” Wedbush wrote in a note to investors.
Reuters reported this month that Tesla had halted development of Model 2, prompting Musk to post on X that “Reuters is lying”, without citing any inaccuracies.
Musk’s visit to New Delhi was also expected to include meetings with executives at space industry startups. Musk is awaiting Indian government regulatory approvals to begin offering his Starlink satellite broadband service in the country.
Musk had posted on X on 10 April that he was “Looking forward to meeting with Prime Minister Narendra Modi in India”.