CEO was due to meet Narendra Modi but carmaker is likely to report worst performance in seven years
Elon Musk has postponed a trip to India, including a planned meeting with the prime minister, Narendra Modi, after citing “very heavy obligations” at Tesla.
Tesla is expected to report its worst performance in seven years this week, due to slowing global demand for electric vehicles and pressure on prices from Chinese rivals. The company has already indicated a poor first quarter in terms of sales, after it revealed this month that deliveries missed market expectations by about 13%.
“While we have seen much more tenuous times in the Tesla story going back to 2015, 2018, 2020 … this time is clearly a bit different as for the first time many longtime Tesla believers are giving up on the story and throwing in the white towel,” Wedbush wrote in a note to investors.
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