Market Data 
The mercurial billionaire’s team hasn’t engaged with the country’s officials since he canceled his trip to India in April, Bloomberg reported on Thursday, citing people familiar with the matter.
“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 said in an X post on April 20.
Bloomberg’s sources also said India’s government doesn’t expect Tesla to make any investments anytime soon as the company is experiencing capital issues.
Tesla and India’s heavy industry, finance, and commerce ministries did not respond to the outlet’s requests for comment.
The report comes as a surprise, considering Tesla has long been eyeing India as a potential area for expansion.
In April, Reuters reported that the EV giant was planning to build a new factory in India as part of a $2 to $3 billion investment into the country. Musk was expected to announce the expansion plans during his planned visit to India.
But Musk did still end up traveling to another Asian country in April. The Tesla CEO made a surprise trip to China just a week after scrapping his trip to India, where he met the country’s second-highest-ranking politician, Li Qiang.
The trip was fruitful for Musk, who has advertised his ambitions of turning Tesla into a leading AI and robotics company. According to a Bloomberg report in April, Chinese officials gave their in-principle approval for Tesla to roll out its Full Self-Driving technology in the country.
That said, India probably hasn’t entirely fallen off of Musk’s radar.
Musk congratulated India’s Prime Minister Narendra Modi on his government’s electoral victory at the country’s general elections. The pair had last met in New York in June 2023.
“Congratulations Narendra Modi on your victory in the world’s largest democratic elections! Looking forward to my companies doing exciting work in India,” Musk wrote in an X post on June 7.
Appreciate your greetings @elonmusk. The talented Indian youth, our demography, predictable policies and stable democratic polity will continue to provide the business environment for all our partners. https://t.co/NJ6XembkyB
— Narendra Modi (@narendramodi) June 8, 2024
Representatives for Tesla and India’s commerce ministry didn’t immediately respond to requests for comment from BI sent outside regular business hours.
