New Delhi, Apr 20 (IANS): Elon Musk, on Saturday, confirmed that he will not visit India this month amid crucial Tesla quarterly results and will possibly visit the country later this year to announce his investment plans.

In a post on X, the billionaire said that 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 added

Last week, the billionaire had tweeted that he was looking forward to meeting Prime Minister Narendra Modi.

The SpaceX CEO was also set to meet representatives of Indian space companies during his India visit.

Musk has a key conference call with analysts about Tesla’s latest quarter (Q1) results, after the company reduced 10 per cent of its workforce, or around 14,000 employees — globally.

The layoffs at Tesla “gutted some departments by 20 per cent and even hit high performers,” and the decision was apparently made "due to poor financial performance.”

Two high-profile Tesla executives -- Rohan Patel, VP of Public Policy and Business Development and Drew Baglino, Tesla’s SVP of Powertrain and Energy -- have also quit.

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