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Elon Musk suspends plans to meet Modi in India: ‘Tesla’s very heavy obligations require India visit to be delayed’

Tesla Inc. CEO Elon Musk has postponed his highly anticipated visit to India, scheduled for April 21 and 22.

What happened: Musk, who was supposed to meet the Prime Minister Narendra Modi during his visit, he postponed the plans.

Tesla’s crucial first-quarter earnings, due April 23, played a role in the delay, as Musk confirmed in a post on X, formerly Twitter.

See also: Chola Securities Dharmesh Kant on markets as earnings kick off This market is pricing in the fact that nothing can go wrong

Musk said: “Unfortunately, Tesla’s very heavy obligations require the visit to India to be delayed, but I look forward to visiting later this year.”

Benzinga reached out to Tesla for comment but did not immediately hear back as of this writing.

Dan Ives of Wedbush he called it a “moment of truth” for both Musk and Tesla.

“In our view, next week’s conference call and messaging represents one of the most important moments in the company’s history,” Ives said.

Because matter: Musk’s visit to India was highly anticipated, with speculation rife that he would announce investment and manufacturing plans in the country.

During the visit, the billionaire entrepreneur was expected to meet Prime Minister Modi and make an official announcement on his strategies for India.

Additionally, Musk was reportedly considering a $2 billion to $3 billion investment in a new factory in India.

The Indian government’s recent decision to review foreign direct investment (FDI) limits in the space sector, effective April 16, was also seen as a move that could support Musk’s Starlink plans in India.

Tesla is expected to report first-quarter results on Tuesday, with analysts, on average, estimating earnings per share of 51 cents and revenue of $22.34 billion, according to data from Benzinga Pro. That compares respectively at 85 cents per share and $23.33 billion a year ago.

Read next: Jio Financial Services Q4 Net Profit Up 5 Over Last Quarter Revenue at ₹418 Cr

Disclaimer: This content was partially produced with help from Benzinga Neuro and has been reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

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