Tesla Inc. CEO Elon Musk has postponed his highly anticipated visit to India, which was scheduled for April 21-22.
What Happened: Musk, who was expected to meet with Prime Minister Narendra Modi during his visit, has deferred it, CNBCTV18 reported.
Although it's not clear why Musk has pushed back this highly-anticipated visit, Tesla's crucial Q1 earnings might have had a role in the delay.
Musk confirmed this, saying, “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.”
Tesla is set to report its first-quarter financial results on April 23, following a recent dip in share prices.
Benzinga has reached out to Tesla for a comment but did not immediately receive a response at the time of writing.
Wedbush's Dan Ives termed it a "moment of truth" for both Musk and Tesla.
“Next week’s conference call and messaging one of the most important moments in the company’s history in our view,” Ives said.
Why It Matters: Musk’s visit to India was highly anticipated, with speculations rife about the announcement of investment and manufacturing plans in the country.
The billionaire entrepreneur was expected to meet with PM Modi and make an official announcement regarding his India strategies during the visit.
Additionally, Musk was reportedly considering an investment of $2 billion to $3 billion for a new factory in India.
The Indian government’s recent decision to revise the foreign direct investment (FDI) limits in the space sector, effective April 16, was also seen as a move that could support Musk’s Starlink plans in India.
Tesla is scheduled to report its first-quarter results on Tuesday, with analysts, on average, estimating earnings per share of 51 cents and revenue of $22.34 billion, according to Benzinga Pro data. This compares to the year-ago's 85 cents per share and $23.33 billion, respectively.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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