Business News / Due to this reason, Beijing canceled Musk's visit to India, the reason will surprise you

Vikrant Shekhawat : Apr 29, 2024, 07:52 AM
Business News: Billionaire businessman Elon Musk is on a visit to Beijing today. Meanwhile, there is also speculation that they will introduce Tesla's automatic driving technology in China's growing electric vehicle (EV) market. According to China's state channel CTGN, the head of SpaceX and Tesla has visited China at the invitation of the China Council for the Promotion of International Trade (CCPIT). During this, he met CCPIT President Ren Hongbin to discuss further cooperation with China.

India tour canceled due to this reason

Hong Kong newspaper South China Morning Post wrote that Musk is likely to meet senior Chinese officials in the State Council and old friends in Beijing. Musk had established an EV plant in Shanghai with an investment of seven billion dollars (58 thousand crores), after which his Tesla EV has become popular in China. Production in this plant started in 2020.

Musk had recently postponed his proposed visit to India. In India, he was going to meet Prime Minister Narendra Modi to discuss plans to start a Tesla factory in the country. Musk is visiting Beijing at a time when his Tesla market in China is threatened by rising sales of local EV vehicles.

Company is reducing prices

Austin (Texas) company Tesla has been facing tough competition from Chinese EV manufacturers in the last few years. The company has cut the prices of vehicles made in Shanghai by up to six percent to maintain its position in China's premium EV division. Musk's recent visit to China is happening around the time of Beijing Auto Exhibition 2024.

Had to come to India for this reason

During his visit to India, Elon Musk was going to announce an investment of 2 to 3 billion dollars i.e. up to Rs 25 thousand crores in India. Under which an announcement was going to be made to set up a manufacturing unit in the country. Elon Musk had also applied for satellite communication. On which the situation could have become clear and some big announcement could have been made from Musk. Apart from this, during his visit to India, the Tesla CEO also had a program to meet Indian startups and space companies.