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Tesla CEO Elon Musk Postpones India Trip, Cites Heavy Commitments

Updated: Apr 20, 2024 02:38:55pm

Tesla CEO Elon Musk Postpones India Trip, Cites Heavy Commitments

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)


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