According to a Bloomberg report, Prashanth Menon is stepping down from his position as chairman of Tesla India’s board after serving in the role for over four years.

EV giant Tesla Inc’s (TSLA) India head has stepped down ahead of the company’s planned launch in the country, Bloomberg reported on Thursday, citing people familiar with the matter.

Prashanth Menon is stepping down from his role as chairman of Tesla India’s board after serving in the role for over four years, owing to personal reasons, the report said.

It added that Tesla’s China team will now oversee India operations, and no immediate successor has been named.

Tesla has been eyeing an entry into India over the past few years.

Menon set up a local office for Tesla India in Pune in 2021 and secured the company’s first showroom leases to sell imported vehicles in the country this year.

India is negotiating a deal with the U.S. that may involve lowering tariffs on cars imported into the country, Bloomberg said. The country currently imposes up to 110% duties on imported vehicles.

Tesla’s website currently shows multiple job openings in India across segments, including sales and customer support, vehicle service, charging, engineering, and IT.

However, the scale of operations in India will be decided based on global constraints and how the company’s other markets evolve, Bloomberg said, citing unnamed sources.

In the first quarter of 2025, Tesla’s global vehicle deliveries dipped nearly 13% from the corresponding quarter of 2024, marking the company’s worst quarterly performance in at least two years.

On Stocktwits, retail sentiment around Tesla continues to be in the ‘extremely bullish’ territory over the past 24 hours, while message volume remained at ‘low’ levels.

TSLA's Sentiment Meter and Message Volume as of 7:00 a.m. ET on May 8, 2025 | Source: Stocktwits

TSLA stock is down by about 27% so far this year but up by over 58% over the past 12 months.

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