Tesla’s susceptibility to economic challenges not overlooked by Musk

During Tesla’s shareholder meeting in Texas, Elon Musk warned of a difficult year ahead for the global economy, stating that his electric car maker was not immune to the economic downturn. He emphasized that no company is immune to the macroeconomic environment and believes that many companies will go bankrupt. However, he also expressed optimism, stating that Tesla will get through this crisis and expects the company to do well.

Musk acknowledged that Tesla will attempt to boost sales of their vehicles, something the company has never done before. He believes that many people are unaware of the affordability of Tesla cars or their prices.

Despite concerns about slowing demand and the delay of some new models, Musk confirmed that the long-awaited Cybertruck pickup will hit the market this year. He expects about 250,000 units to be produced annually, depending on demand. Additionally, he teased the development of two new mass-market models and hopes to produce more than five million of those vehicles.

Tesla missed its profit margin target last month after aggressively cutting prices. Musk said that the company would prioritize sales over profits, providing investors with some reassurance amid the uncertain economic climate.

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