Tesla's India head resigns as EV giant prepares for launch
What's the story
Prashanth Menon, the head of Tesla's Indian operations, has resigned from his position, as per Bloomberg.
The announcement comes ahead of the electric vehicle manufacturer's highly anticipated launch in India.
After a nine-year tenure with the company, including over four years overseeing India operations, Menon is stepping down as chairman of Tesla India's board.
As of now, no immediate successor has been named, and Tesla's operations in India will now be managed by the company's China team.
Background
Menon was instrumental in laying groundwork for Tesla
As chairman of Tesla India, Menon was instrumental in laying the groundwork for the company's entry into the Indian market.
He helped establish a local office in Pune in 2021 and was involved in securing Tesla's first showroom leases.
Menon was appointed as Tesla's country manager for India in July 2021, succeeding Venkatrangam Sreeram.
Before that, he served as director of advisory on cost, process, and regulatory matters at Tesla US.
Information
Background and ties with Musk
Prior to joining Tesla, Menon worked at EY for over 15 years, according to his LinkedIn profile. Before that, he was an associate at Deloitte. His ties with Tesla CEO Elon Musk date back to their time together at the Wharton School of Business, University of Pennsylvania.
Expansion efforts
Indian launch plans and showroom opening
In a major step toward entering the Indian market, Tesla signed a lease deal in March this year to set up its first showroom in Mumbai.
The development came as a sign of the company's renewed commitment to launch operations in India.
Previously, Tesla was waiting for clarity on import duty cuts before moving ahead with its plans for launch in the country.
Financial hurdles
Recent financial performance and market challenges
In the first quarter of 2025, Tesla posted a staggering 71% year-on-year (YoY) decline in net profit amid reduced automotive demand and geopolitical uncertainties.
The company's net profit for the quarter stood at $409 million, missing analyst expectations.
Tesla's revenue for the quarter also fell to $19.34 billion, down 9% YoY, missing consensus estimates of $21.11 billion, according to LSEG data.