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Billionaire and Tesla (NASDAQ:TSLA) CEO Elon Musk postponed a trip to India planned for this week, saying he needed to attend to his obligations to the electric vehicle maker.
“Unfortunately, Tesla's very heavy obligations require that the visit to India be delayed, but “I really want to visit it later this year,” Musk said in atwitter.com/elonmusk/status/1781541775183610310″ target=”_blank” class=”paywall-full-content invisible”> publish in x earlier on Saturday.
The billionaire was scheduled to visit the country on Sunday and Monday to announce his plans to enter the Indian market. Reuters reported earlier this week that Musk was expected to announce an investment of between $2 billion and $3 billion in India when he visits New Delhi. The investment is expected to go mainly to a new plant. India currently has a low EV penetration rate, but the government has an ambitious target of 30% of new cars by 2030 being electric.
Musk delayed his trip to India as Tesla (TSLA) shares fell 14% this week, and the company on Monday confirmed layoffs of more than 10% of its global workforce. At Tesla's proxy filing on Wednesday, Chairman Robyn Denholm asked shareholders to vote again on a nearly $56 billion compensation package for Musk that was overturned by a Delaware court. early this year.
Earlier on Saturday, Tesla (TSLA) cut U.S. prices by $2,000 on its Model Y, S and first quarter deliveries.
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