April 17, 2024 9:51 AM | 2 min read |
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Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk, who is now facing the heat over weakening fundamentals and strategic missteps, would reportedly visit India on Monday.’
What Happened: While in India, Musk would meet with Prime Minister Narendra Modi and is expected to announce investment to the tune of $2 billion to $3 billion, Reuters reported, citing sources familiar with the discussions.
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The investment will likely be mainly directed at building a new factory, the report said.
Tesla has not officially confirmed the billionaire’s India visit but Musk himself announced on X that he will meet Modi without specifying a timeline. Local media outlets are awash with speculation regarding the visit.
CNBC TV18, a local television channel, reported last week that India’s southernmost state Tamil Nadu is vying to attract the factory to the state capital Chennai, which is also known as the ‘Detroit of India.’ Gujarat, Prime Minister Modi’s home state, Maharashtra and Telangana are also in the contention.
The Reuters report said Musk will likely give the investment figure without sharing the specifics about the Indian state where the plant would be located and the timeline.
As part of the import duty relaxations, the Indian government laid the precondition that foreign automakers availing the benefit should commit to investing at least $500 million and start domestic manufacturing within three years.
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See Also: Best Electric Vehicle Stocks
Why It’s Important: Musk’s visit assumes importance as the company has seen saturation in the major markets it is operating in. Slowing EV adoption and supply constraints have resulted in the company reporting a year-over-year drop in deliveries in the March quarter.
Tesla is scheduled to report its first-quarter results on Tuesday. Analysts, on average, expect the company to report earnings per share of 53 cents on revenue of $22.61 billion, according to Benzinga Pro data. This compares to the year-ago earnings of 85 cents per share and revenue of $23.33 billion.
The company announced Tuesday a massive round of layoffs, which included some high-profile, longtime executives. Tesla investors are also worried about the company potentially putting on hold its sub-$30,000 EV, which is seen by many as the panacea for volume slackness.
At the open on Wednesday Tesla rose 0.32% to $157.62, according to data from Benzinga Pro.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo via Shutterstock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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