India remains an ever elusive destination for Tesla. Earlier this month, reports emerged stating that Tesla CEO Elon Musk was scheduled to visit the country. But right before the expected visit, Musk announced on X that he was temporarily canceling his India trip.
“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,” Musk wrote. In a way, Musk’s comment made sense as his India trip was heavily speculated to last until April 22, just one day before Tesla’s first-quarter earnings call.
Musk was heavily involved in Tesla’s Q1 earnings call, and his updates about the company’s plans for the immediate future resonated well with TSLA shareholders. Tesla stock climbed up 13% after the Q1 2024 earnings call, a notable hint that TSLA shareholders may be on board with the company’s current direction and projects.
In response to Musk’s cancellation of his trip, India opposition Congress Party leader Jairam Ramesh noted that the country is awaiting Tesla’s entrance into the country. Ramesh also hinted that India will be ready for Tesla regardless of the results of the country’s election, which are expected to be released around June 4, 2024.
Finance Minister Nirmala Sitharaman, for his part, noted that India will make sure to make the country attractive to potential investors like Tesla.
“When big companies show interest to come to India, we certainly make sure to make it attractive for them. Especially after China started being a concern for many industries or many experts in domain areas, we have made policies in such a way that we are making India an attractive destination, both for manufacturing and services,” the Finance Minister noted.
Analysts also noted that while it was surprising that Musk canceled his trip to India at the last minute, they believe that the electric vehicle maker will still be setting up a base in the country, as noted in a South China Morning Post report. Suraj Ghosh, an independent auto analyst, noted that India is an important market that Tesla will likely not miss.
“India is one of the most important and fastest-growing markets, and eventually Tesla has to be here. India is going to be an important manufacturing hub and an important sales point,” Ghosh said.
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