Elon Musk deferred a planned trip to India where he was to meet PM Narendra Modi, citing obligations at his Tesla (TSLA.O). He has decided to reschedule the visit for later this 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 his social media platformX.Reuters reported the deferment on Saturday, citing four people aware of the matter. Plans for the electric vehicle (EV) maker to enter the South Asian market was expected to be announced during this visit, Reuters has reported.

The Tesla CEO and the prime minister are both at crucial junctures. Musk on behalf of Tesla could have used the India announcement as an attempt to reassure investors after months of share-price drops and the news on April 15 that Tesla would lay off more than 10% of its global workforce.Musk is likely to face hard-hitting questions from analysts when Tesla announces quarterly results on Tuesday about dwindling sales, the fate of key future Tesla products and rising competition from Chinese EV makers.

Reuters had reported on April 5 that Tesla had stopped development of its long-awaited affordable EV, often called the Model 2. Musk responded by posting that “Reuters is lying” without really citing any inaccuracies. He has avoided speaking further about the model, leaving investors desiring for clarity. Resignation this week of Rohan Patel added to the confusion. He was a public policy executive with Tesla. According to sources, he was one of those leading Tesla’s India entry plans.

Musk would have reached on Sunday, just two days after the start of India’s national election spanning one and a half months, in which Modi is forecast to win an exceptional third term. Modi would naturallydesire to highlight progress toward promises of making India a global manufacturing hub.After Reuters reported about Tesla CEO’s India trip plans on April 10, Muskhad posted on X that he was “Looking forward to meeting with Prime Minister Narendra Modi in India!”

In New Delhi, Musk was likely to announce an investment of $2 billion to $3 billion, chiefly to build a factory in India, after GOI announced a policy lowering high tariffs on imported cars if companies invest locally. His meeting with executives of several space startups was also anticipated. Musk is waiting for Indian government regulatory approvals to start offering his Starlink satellite broadband services in the world’s most populated country.