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Billionaire and Tesla (NASDAQ:TSLA) CEO Elon Musk postponed a trip to India scheduled for this week, saying he needed to tend to obligations with the electric vehicle maker.
“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 said in a post on X earlier on Saturday.
The billionaire was scheduled 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 $2B to $3B investment in India when he visits New Delhi. The investment is expected to be mainly for a new plant. India currently has a low EV penetration rate, but the government has an ambitious goal for 30% of new cars in 2030 to be electric.
Musk delayed his India trip as shares of Tesla (TSLA) dropped 14% this week, with the company confirming on Monday layoffs of more than 10% of its global workforce. On Wednesday, Tesla’s proxy filing saw board chair Robyn Denholm calling on shareholders to again vote on a nearly $56B compensation package for Musk that was voided by a Delaware court earlier this year.
Earlier on Saturday, Tesla (TSLA) cut prices in the U.S. by $2K across its Model Y, S and X cars, just over two weeks after the electric vehicle giant significantly missed expectations on Q1 deliveries.
