Tesla CEO says he has to deal with “very heavy” liabilities at the electric car maker. Next week, Tesla will be in good shape with its first-quarter results, a period in which the stock has fallen.
“Unfortunately, very heavy commitments at Tesla require that the visit to India have to be postponed, but I am really looking forward to the visit later this year,” Musk wrote on X.
According to Bloomberg, Musk was scheduled to meet Indian Prime Minister Narendra Modi. Reuters wrote that the visit should also include an announcement about Tesla's entry plans into the Indian market.
Tesla has been trying to establish its presence in India for several years, but high import taxes have been an obstacle, Bloomberg reported. But recently, India reduced import duties on electric cars from foreign automakers and promised to invest and produce locally.
According to Bloomberg, Musk also wants to seek permission for Starlink satellite internet service in the country.
Discounts and quarterly numbers
The postponement comes after a week in which Musk informed company employees that more than ten percent of the global workforce would be cut and Tesla's board of directors asked shareholders to approve a controversial salary package worth more than NOK 600 billion for Musk.
Friday also saw news that Tesla will cut the price of the Model Y, Model
On Tuesday, Tesla will open the accounting books for the quarter. The company has already announced that it delivered 8.5 percent fewer cars than at the same time last year.
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The electric car manufacturer has had a tough start to the year. Since the new year, the stock has fallen more than 40 percent after several bad news for the company.
Analysts expect Tesla's revenue to decline to $22.3 billion from $23.3 billion in the first quarter of last year, according to estimates compiled by Bloomberg.
Meanwhile, Tesla's pre-tax profits are expected to fall to $1.68 billion from $3.2 billion.
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