Elon Musk's Abrupt Cancellation of India Trip Sparks Speculation

• In April, Elon Musk announced plans to visit India, aiming to scout for Tesla's new gigafactory and enjoy a family holiday. However, he canceled the trip just 10 days later, citing heavy Tesla obligations.
• Indian officials, who had prepared visas for Musk's delegation, were left waiting, leading to speculation about Musk's commitment to India, especially after he met China's Premier Li Qiang.
• Musk's team persuaded him to prioritize an opportunity in China, where he sealed a deal to advance Tesla's self-driving technology, despite potential fallout from snubbing Modi during India's election period.
• Tesla remains interested in India for its market potential and as a manufacturing hub, but the company faces significant risks and internal challenges, including job cuts and strategic shifts.
• Despite the cancellation, Indian officials remain optimistic about Tesla's future investment, with ongoing discussions about lower tariffs for imported EVs contingent on local manufacturing commitments.

Source: Financial Times