New Delhi, Apr 20, 2024, IANS

New Delhi, April 20 (IANS) In a dampener for millions of Tesla lovers in India, Elon Musk on Saturday said he will not visit the country next week as earlier planned, as the billionaire faces "the moment of truth" next week when Tesla announces its quarterly results amid negative growth in China and massive global layoffs.

The Tesla CEO has to address five key issues during the conference call on April 23, according to the latest report from leading investment firm Wedbush Securities.

The five critical concerns are: Strategies to reverse negative growth in China and pricing plans; provide clear 2024 goals and financial outlook; commit to launching Tesla Model 2 alongside robotaxis development; clarify AI initiatives and ownership concerns; and announce an AI day to outline strategy and monetisation, according to the report.

The earnings conference call might be "one of the most important moments in the company's history."

A highly competitive global EV market has altered Tesla's narrative "from a Cinderella story to a horror show in the near-term," said Wedbush analysts.

"If Musk is flippant again and there is no adult in the room on this conference call with no answers then darker days are ahead," according to the analysts.

The company has reduced 10 per cent of its workforce, or around 14,000 employees, globally.

Tesla has also shelved plans to develop a low-cost EV for around $25,000.

Earlier in the day, the billionaire posted on X that unfortunately, "very heavy Tesla obligations require that the visit to India be delayed".

"But I do very much look forward to visiting (India) later this year," Musk added.