Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, has deferred his highly anticipated trip to India, citing “very heavy Tesla obligations.” The visit, which included a scheduled meeting with Prime Minister Narendra Modi in New Delhi, was poised to discuss Tesla’s potential investments in the country, including the establishment of a factory.
In a statement shared on social media platform X, Musk expressed regret over the delay but affirmed his keenness to visit later in the year. Last week, Musk had confirmed his intent to meet with PM Modi during his India visit, fueling anticipation around Tesla’s potential entry into the Indian market.
The billionaire’s proposed investment of 2-3 billion dollars to construct a factory in India had generated significant excitement, particularly following the Indian government’s announcement of an electric vehicle policy offering import duty concessions to investors committing to manufacturing units in the country.
Musk’s engagement with PM Modi dates back to the latter’s visit to the United States in June the previous year. During their discussions, Musk outlined Tesla’s plans to penetrate the Indian market, including the establishment of a manufacturing base.
Moreover, Musk’s visit was expected to bolster another ambitious venture in India – Starlink. The satellite internet project had reportedly received assurances from the Indian government regarding its operational commencement in the country, potentially enhancing the bilateral security partnership between India and the US.
India’s recent relaxation of foreign direct investment regulations for the space sector further paved the way for collaborations with companies like SpaceX, facilitating investments in satellite and rocket manufacturers.
Musk’s postponement underscores the complexities of Tesla’s global operations but reaffirms his commitment to exploring opportunities in India’s burgeoning electric vehicle and space sectors.