(MENAFN- KNN India) New Delhi, Apr 20 (KNN)
Tesla CEO Elon Musk has postponed his much-anticipated visit to India, where he was expected to meet Prime Minister Narendra Modi and various startup founders, citing heavy obligations at the electric vehicle (EV) company.
In a post on X (formerly Twitter) on Saturday, Musk said, "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."
The development comes as Reuters reported that Tesla has asked its shareholders to reaffirm their approval of Musk's record-breaking USD 56 billion compensation package, which was set in 2018 but rejected by a Delaware judge in January this year.
Musk's planned India trip had sparked expectations of a potential announcement regarding Tesla's entry into the Indian market, especially after the country's new EV policy paved the way for the Texas-based carmaker to import cars at lower duties.
The new policy allows for the import of completely built-up (CBU) EVs at a 15 per cent import duty for manufacturers setting up facilities in India with a minimum investment of Rs 4,150 crore.
This effectively fulfills Tesla's previous demand for a reduction in import duties on fully assembled cars from the earlier 100 per cent to 40-15 per cent depending on the car's price.
(KNN Bureau)
MENAFN20042024000155011030ID1108118172
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.