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Tesla's India Country Head Prashanth Menon steps down ahead of market launch
Tesla also withdrew its previous financial guidance for 2025, citing heightened uncertainty in global trade policies and demand patterns.
It is to be noted that Tesla’s India entry has been in the works for years, with the company previously lobbying for lower import duties and policy incentives.
Tesla’s India country head, Prashanth Menon, has stepped down from his role ahead of the electric carmaker’s anticipated entry into the Indian market, Bloomberg News reported on Thursday.
Menon, who served Tesla for nine years, is resigning as chairman of the board for Tesla India. His departure comes at a critical time as the Elon Musk-led company prepares to launch its vehicles in the world’s third-largest automobile market.
According to Bloomberg, Tesla’s China team will now oversee operations in India, with no immediate successor appointed to Menon’s role.
As per a Reuters report, Tesla had signed a lease agreement in March this year to open its first showroom in Mumbai, signalling a revival of its India entry plans.
Earlier reports by Mint and CNBC-TV18 highlighted that Tesla’s entry into India hinges on clarity around import duty reductions. The company is seeking to begin operations by importing vehicles at lower duties without committing to immediate local manufacturing.
Tesla’s global performance has also shown signs of strain. In the first quarter of 2025, the company reported a 71% year-on-year decline in net profit due to waning demand for electric vehicles and increased geopolitical uncertainties. Tesla posted a net profit of $409 million for the January to March period, falling short of analysts’ expectations.
Revenue for the quarter dropped to $19.34 billion, marking a 9% decrease from the previous year and missing the market forecast of $21.11 billion, according to data from LSEG. Operating income for the quarter stood at $399 million.
Tesla also withdrew its previous financial guidance for 2025, citing heightened uncertainty in global trade policies and demand patterns.
Adjusted earnings were 27 cents per share, below analysts' average forecast. Automotive gross margins, excluding regulatory credits, declined to 12.5% from 13.6% in the prior quarter, according to Reuters’ estimates. So far in 2025, Tesla’s share price has dropped 27%, trading at $276.22.
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