Elon Musk, CEO of Tesla, has deferred his visit to India to meet with Prime Minister Narendra Modi, attributing the delay to pressing commitments at Tesla. Musk expressed his intention to reschedule the visit for a later time 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," Musk posted on his X account.
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#ElonMusk #Tesla #IndiaVisit #TeslaObligations #ElectricVehicles #GlobalExpansion #TeslaIndia #BusinessTravel #TechNews #Innovation
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00:00 Elon Musk, CEO of Tesla, has deferred his visit to India to meet with Prime Minister
00:06 Narendra Modi, attributing the delay to pressing commitments at Tesla.
00:11 Musk expressed his intention to reschedule the visit for a later time this year.
00:15 Unfortunately, very heavy Tesla obligations require that the visit to India be delayed.
00:21 But I do very much look forward to visiting later this year, Musk posted on his ex account.
00:27 Musk's visit was anticipated to involve the unveiling of plans for Tesla's entry into
00:32 the South Asian market, as reported.
00:34 This announcement could have served as a strategy to assuage investors amidst the ongoing share
00:39 price deadlines and the recent announcement of layoffs affecting over 10% of Tesla's workforce
00:45 worldwide.
00:46 Over the past months, Tesla has been actively advocating with the Indian government to decrease
00:51 import taxes on electric vehicles, while also exploring the possibility of establishing
00:56 a manufacturing facility within the country.
00:58 Notably, India recently introduced a new EV policy, slashing import taxes to 15% from
01:04 the previous 100% for certain models.
01:07 This condition stipulates that a manufacturer must invest a minimum of $500 million and
01:11 establish a factory on Indian soil.
01:13 Earlier reports from Reuters had suggested that Tesla officials were slated to visit
01:17 India this month to scout potential locations for a manufacturing plant, with an estimated
01:22 investment of around $2 billion.
01:24 Moreover, Tesla has commenced the production of right-hand drive vehicles at its German
01:29 facility, with plans to export to India later in the year.
01:32 Tesla's foray into the Indian market comes amidst a slowdown in electric vehicle demand
01:36 in its primary markets, the US and China, owing to heightened competition from Chinese
01:41 automakers.
01:42 Although currently modest in size, India's electric vehicle market is on an upward trajectory,
01:47 predominantly led by local automaker Tata Motors.
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