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.

By  Storyboard18May 8, 2025 4:22 PM
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.

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.

First Published on May 8, 2025 4:22 PM

More from Storyboard18

Brand Makers

Meta appoints Sandhya Devanathan to lead business across India and Southeast Asia

Meta appoints Sandhya Devanathan to lead business across India and Southeast Asia

Brand Makers

Domino's India reports 31.5% rise in profit to Rs 50 crore in Q4 FY25

Domino's India reports 31.5% rise in profit to Rs 50 crore in Q4 FY25

Brand Makers

Platinum Guild International strengthens leadership; names Vaishali Banerjee & Pallavi Sharma in new roles

Platinum Guild International strengthens leadership; names Vaishali Banerjee & Pallavi Sharma in new roles

Brand Makers

Meta names Benjamin Joe as Regional VP, APAC; succeeds Dan Neary

Meta names Benjamin Joe as Regional VP, APAC; succeeds Dan Neary

Brand Makers

Nation first: Indian travel agencies may face 7-8% loss amid boycott of Turkey and Azerbaijan

Nation first: Indian travel agencies may face 7-8% loss amid boycott of Turkey and Azerbaijan

Brand Makers

Ranveer Allahbadia on Piers Morgan's show: Internet praises influencer, sparks redemption chatter online

Ranveer Allahbadia on Piers Morgan's show: Internet praises influencer, sparks redemption chatter online

Brand Makers

Skyscanner names Bryan Batista as new CEO

Skyscanner names Bryan Batista as new CEO

Brand Makers

Harsh Goenka urges Indians to skip Turkey and Azerbaijan amid Indo-Pak tensions

Harsh Goenka urges Indians to skip Turkey and Azerbaijan amid Indo-Pak tensions