Key issues Elon Musk expects to tackle during Tesla results next week as India visit postponed
Elon Musk, the CEO of Tesla, is poised to address pivotal issues during the upcoming conference call on April 23.
- Apr 20, 2024,
- Updated Apr 20, 2024 2:50 PM IST
Musk's India visit delayed: Tesla enthusiasts in India face disappointment as Elon Musk announces the cancellation of his visit to the country, originally scheduled for next week. The billionaire cited pressing obligations tied to the imminent announcement of Tesla's quarterly results, a pivotal juncture amidst challenges including declining growth in China and substantial global layoffs.
Musk, the CEO of Tesla, is poised to address five pivotal issues during the upcoming conference call on April 23, as outlined in a recent report by leading investment firm Wedbush Securities.
These critical concerns include strategies to reverse the negative growth trajectory in China, pricing plans, delineating clear goals and financial outlook for 2024, committing to the launch of the Tesla Model 2 alongside robotaxis development, clarifying AI initiatives and addressing ownership concerns, and announcing an AI day to elucidate strategy and monetisation, according to the report.
The impending earnings conference call is anticipated to be a defining moment in the company's history. Analysts at Wedbush highlighted the fierce competition within the global electric vehicle (EV) market, which has transformed Tesla's narrative from a Cinderella story to a near-term struggle.
Expressing concern, Wedbush analysts warned of potentially darker days ahead if Musk fails to provide substantive answers during the conference call. The recent reduction of 10 per cent of Tesla's global workforce, approximately 14,000 employees, and the shelving of plans to develop a low-cost EV for around $25,000 underscore the challenges the company is facing.
Earlier, Musk conveyed his regrets on social media platform X, attributing the postponement of his visit to India to "very heavy Tesla obligations". Despite the setback, Musk expressed his eagerness to visit India later in the year.
"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 posted on X.
According to a report by Reuters, Elon Musk's anticipated visit to New Delhi was poised to unveil a substantial investment ranging from $2 billion to $3 billion, primarily aimed at establishing a factory in India. This move comes in the wake of the government's policy revision, which reduces steep tariffs on imported vehicles contingent upon local investment by companies.
Additionally, Musk had scheduled meetings with executives from various space startups during his time in New Delhi. The Tesla CEO is eagerly awaiting regulatory approvals from the Indian government to commence offering his Starlink satellite broadband services in the densely populated nation.
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Musk's India visit delayed: Tesla enthusiasts in India face disappointment as Elon Musk announces the cancellation of his visit to the country, originally scheduled for next week. The billionaire cited pressing obligations tied to the imminent announcement of Tesla's quarterly results, a pivotal juncture amidst challenges including declining growth in China and substantial global layoffs.
Musk, the CEO of Tesla, is poised to address five pivotal issues during the upcoming conference call on April 23, as outlined in a recent report by leading investment firm Wedbush Securities.
These critical concerns include strategies to reverse the negative growth trajectory in China, pricing plans, delineating clear goals and financial outlook for 2024, committing to the launch of the Tesla Model 2 alongside robotaxis development, clarifying AI initiatives and addressing ownership concerns, and announcing an AI day to elucidate strategy and monetisation, according to the report.
The impending earnings conference call is anticipated to be a defining moment in the company's history. Analysts at Wedbush highlighted the fierce competition within the global electric vehicle (EV) market, which has transformed Tesla's narrative from a Cinderella story to a near-term struggle.
Expressing concern, Wedbush analysts warned of potentially darker days ahead if Musk fails to provide substantive answers during the conference call. The recent reduction of 10 per cent of Tesla's global workforce, approximately 14,000 employees, and the shelving of plans to develop a low-cost EV for around $25,000 underscore the challenges the company is facing.
Earlier, Musk conveyed his regrets on social media platform X, attributing the postponement of his visit to India to "very heavy Tesla obligations". Despite the setback, Musk expressed his eagerness to visit India later in the year.
"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 posted on X.
According to a report by Reuters, Elon Musk's anticipated visit to New Delhi was poised to unveil a substantial investment ranging from $2 billion to $3 billion, primarily aimed at establishing a factory in India. This move comes in the wake of the government's policy revision, which reduces steep tariffs on imported vehicles contingent upon local investment by companies.
Additionally, Musk had scheduled meetings with executives from various space startups during his time in New Delhi. The Tesla CEO is eagerly awaiting regulatory approvals from the Indian government to commence offering his Starlink satellite broadband services in the densely populated nation.
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine