Elon Musk cancels trip to India while Tesla struggles at home

• Elon Musk will not go to India this month.
• Musk mentioned Tesla’s “serious responsibilities” in an X post on Saturday.
• Tesla has faced Cybertruck recalls, layoffs, and rival competition in recent months.

Elon Musk has postponed his trip to India in the middle of ongoing turmoil at Tesla.

Musk announced the decision through X – a social networking site he bought two years ago – on Saturday. The Tesla CEO was expected to visit India early next week to meet Prime Minister Narendra Modi.

“Unfortunately, Tesla’s pressing responsibilities require that the visit to India be delayed, but I am very much looking forward to visiting later this year,” Musk wrote.

Musk did not publicly share many details about the trip, but sources did he told Reuters he planned to announce an investment of 2 to 3 billion dollars in India. Musk wants to build a new factory in India, where the EV market is small but gaining steam, Thet reported.

Musk hinted at the growing EV market in India Post X Last week.

“India is committed to selling only electric cars by 2030. It is already the largest market for solar energy,” he wrote.

Musk’s decision to postpone coincide with Tesla sharing its Q1 earnings on April 23while Musk and investors will consider the company’s turbulent start to 2024.

BI reported in early April that Musk’s Tesla has struggled to compete in China’s EV market if rival firms engage in “aggressive price cuts.” A stock strategist told BI that Tesla’s problems in China may have contributed to the company’s first-quarter underdelivery.

Around that time, Tesla stock down 7%.

By mid-April, Musk made the announcement Tesla would lay off 10% of its workforce worldwide in an internal memo to employees. Recent employment was further overshadowed by reports that some workers received “wrong bottom” packets.. Another round of layoffs hit his recruiting department Friday

Tesla also recently recalled about 4,000 of its Cybertrucks on faulty accelerator pedals. Musk wrote on X that Tesla was not aware of any “injury or accident” related to the problem.

“We are being very careful,” Musk wrote.

Musk did not immediately respond to a request for comment from Business Insider.