Elon Musk delays visit to India amid ‘Tesla obligations’
Date
4/21/2024 4:17:26 AM
(MENAFN) Tech magnate Elon Musk revealed on Saturday that he would be delaying his trip to India, where he had planned to meet with Premier Narendra Modi and engage in discussions regarding significant investment proposals.
The announcement of the postponement followed Tesla's announcement the previous day about the recall of approximately 4,000 Cybertruck vehicles due to a defect in the acceleration pedal, which posed increased risks of crashes.
"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," he wrote in a statement on his social media site X.
According to media reports, Elon Musk's anticipated trip to India was scheduled to commence as early as Sunday and span two days, during which he planned to hold discussions with Prime Minister Narendra Modi as well as aerospace companies.
Tesla's interest in establishing manufacturing facilities in India gained traction following the government's recent decision to slash import duties on electric vehicles for international automakers that pledge investments exceeding USD500 million and commit to commencing local production within a three-year timeframe.
Under the revised policy, companies are permitted to import up to 8,000 electric vehicles annually, priced at USD35,000 or higher, with significantly reduced import duties.
According to reports in Indian media outlets, Tesla is considering importing vehicles from its Berlin factory initially while it deliberates on the location for establishing a production line in India.
Industry experts suggest that the Indian market may not provide an immediate boost for Tesla, primarily due to the high price point of its vehicles.
As of now, Tesla's most affordable model is the Model 3 sedan, which is priced at approximately USD39,000 in the United States.
MENAFN21042024000045015839ID1108119541
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.