Elon Musk, the CEO of Tesla, has postponed his planned trip to India, where he was scheduled to meet with Prime Minister Narendra Modi on Monday. Sources familiar with the matter disclosed this information on Saturday, indicating that Musk had intended to unveil plans for Tesla's entry into the South Asian market during the visit. The reason why Musk postponed the trip has not been determined yet.
The rescheduled dates for Elon Musk's visit to India remain undisclosed at present. Originally slated for his now-cancelled trip, the billionaire was purportedly poised to unveil an investment ranging from $2 to $3 billion in India, primarily directed towards establishing a new factory. Additionally, Musk's itinerary included meetings with Indian startups and space companies, as per the initial plans for his visit to the country.
Elon Musk expressed anticipation for his meeting with Prime Minister Modi via a tweet on April 10. Subsequently, in response to Musk's announcement of his visit to India, the Indian government issued a notification unveiling a new electric vehicle manufacturing policy. This policy empowers the government to offer duty concessions to electric car companies that pledge to manufacture within India, aligning with the nation's efforts to promote local manufacturing and sustainability in the automotive sector.