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Elon Musk postpones trip to India due to 'very heavy' Tesla obligations

Tesla chief Elon Musk has postponed a planned trip to India where he was to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market, three people familiar with the matter said.

Tesla CEO Elon Musk India visit postponed here is what we know gcw
First Published Apr 20, 2024, 10:12 AM IST

Elon Musk, the CEO of Tesla, was supposed to visit India on April 21 and 22, but he has postponed it. Musk was scheduled to meet with Prime Minister Narendra Modi to discuss his intentions to join the Indian market.

The world's richest man confirmed he has delayed his trip, but said he looks forward to visiting India later this year. "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 said on X, formerly Twitter.

The visit was scheduled to coincide with Musk's important conference call to address issues regarding Tesla's first-quarter performance on April 23 in the United States, sources claimed, but the precise reasons for the postponement are yet unknown.

Musk expressed his excitement about seeing PM Modi on the social media site X on April 10. The Indian government announced a new policy on electric vehicle production just a few weeks prior to the scheduled visit, which permits the government to offer tariff exemptions to electric car manufacturers that pledge to produce their vehicles in India.

Completely built units (CBUs) are now subject to customs duties ranging from 70% to 100%, depending on the engine size and the amount of the car's cost, insurance, and freight (CIF). India has the highest import taxes on automobiles among the world's major nations.


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