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Posted by admin on 2024-04-20 |

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Elon Musk, the CEO of Tesla and one of the world’s wealthiest persons, has delayed his eagerly anticipated trip to India. The founder and CEO of SpaceX was set to meet with PM Narendra Modi in New Delhi during this trip. Musk blamed the delay to “very heavy Tesla obligations.”

Reason for Postponement

 “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 said in a post on X on Saturday.

Last week, Elon Musk, who also owns X, confirmed his meeting with PM Modi in India. “Looking forward to meeting with PM Narendra Modi in India,” he wrote on X.

Investment Plans for India

During his visit, Elon Musk was expected to announce an investment ranging from 2 to 3 billion dollars. This visit was anticipated to be a significant milestone for both Tesla and Starlink, the satellite internet company that Musk owns.

Elon Musk had met PM Modi during the latter’s visit to the United States in June last year. During this meeting, they discussed PM Modi’s plans to visit India in 2024, Tesla's intentions to penetrate the Indian market, and the establishment of the much-awaited Tesla factory in India.

Tesla's Interest in the Indian Market

With sales in the US and China showing signs of slowing down, Tesla is reportedly looking for new markets. India is among potential markets for Tesla, especially after the government lowered taxes on imported cars of companies that invest locally.

Government Policies Supporting Investment

The announcement of Elon Musk’s visit to India had come months after the central government unveiled a new electric vehicle policy. This policy offers import duty concessions to those setting up manufacturing units in India with a minimum investment of 500 million dollars.

In related news, Starlink is poised to receive preliminary approvals to operate in India, as reported by the news agency AFP. Days earlier, the government notified changes to its foreign direct investment policy in the space sector to liberalise entry routes for offshore investors in Indian companies.