How Elon Musk blindsided Narendra Modi with a cancelled India trip

finance
Created 7/10/2024
Updated 7/10/2024

Elon Musk's planned visit to India in April, aimed at scouting a location for Tesla's new USD3bn gigafactory and enjoying a family holiday, was abruptly canceled due to "very heavy Tesla obligations." This decision, seems to be influenced by a significant opportunity in China, left Indian officials and the public speculating about Tesla's commitment to India. Despite the cancellation, Musk's interest in India remains strong, with plans for a USD2bn-USD3bn investment and a potential plant producing 500,000 cars annually. Meanwhile, Musk's focus on China has yielded immediate benefits, including trials of Tesla's full self-driving technology and inclusion in a Chinese government procurement list. Indian officials remain hopeful for future Tesla investments, despite the recent setbacks.

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