Tesla's India country head Prashanth Menon steps down ahead of launch

Elon Musk-led Tesla's India country head, Prashanth Menon, has resigned, ahead of the US electric carmaker's plans to launch its cars in the world's third-largest car market, Bloomberg News reported on Thursday.

Menon is stepping down as the chairman of Tesla India's board after a nine-year stint at the company.

In the meantime, Tesla's China teams will oversee India operations, with no immediate successor named, the Bloomberg report added, citing sources.

As per a Reuters report, the electric vehicle (EV) carmaker had signed a lease deal in March this year to open its first showroom in Mumbai, reviving its plans to launch India operations.

According to an earlier Mint report, ahead of Tesla's launch in Indian markets, Musk awaits clarity on the import duty cuts. According to CNBC-TV18, Tesla wants to enter India with lower import duties without immediate manufacturing plans.

Tesla Earnings Slowdown

Tesla in the first quarter of 2025 witnessed a 71% year-on-year decline in its net profit, hit by weakening automotive demand and geopolitical uncertainties. The company posted a net profit of $409 million for the January–March period, which fell short of analyst expectations.

Its revenue for the quarter declined to $19.34 billion, down 9% year-on-year. This also missed consensus estimates of $21.11 billion, according to LSEG data. Operating income stood at $399 million for the period.

Tesla also withdrew its previous guidance for 2025, citing elevated uncertainty around trade policy and demand trends.

Adjusted earnings came in at 27 cents per share, missing the average analyst forecast. Automotive gross margin, excluding regulatory credits, fell to 12.5%, down from 13.6% in the previous quarter, based on Reuters’ calculations.

So far, in 2025, Tesla share price has lost 27% to $276.22.

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