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Billionaire and Tesla (NASDAQ:TSLA) Chief Executive Elon Musk postponed a trip to India planned for this week, saying he had to meet obligations with the electric vehicle maker.
“Unfortunately Tesla’s very heavy obligations require the visit to India to be delayed, but I look forward to visiting later this year,” Musk said in a posted on X Saturday before.
The billionaire was due to visit the country on Sunday and Monday to announce plans to enter the Indian market. Reuters reported earlier this week that Musk was expected to announce a $2 billion to $3 billion investment in India when he visits New Delhi. It is expected that the investment will mainly concern a new factory. India currently has a low penetration rate of electric vehicles, but the government has an ambitious goal of having 30% of new cars in 2030 be electric.
Musk delayed his trip to India as shares of Tesla (TSLA) fell 14% this week, with the company confirming layoffs of more than 10% of its global workforce on Monday. Tesla’s proxy filing on Wednesday saw board chairwoman Robyn Denholm call on shareholders to vote again on a nearly $56 billion compensation package for Musk that was struck down by a Delaware court earlier this month. year.
Tesla (TSLA) cut U.S. prices by $2,000 for its Model Y, S and X cars on Saturday, just over two weeks after the electric vehicle giant significantly missed first-quarter delivery expectations. .