Elon Musk, CEO of Tesla, predicts “tough” times for his company and the broader economy over the next 12 months. This is one of the many topics discussed at the shareholder meeting where new products and production updates were discussed.
- Musk said Tesla is not immune from the global economic environment that could lead to many companies going bankrupt, pointing to higher interest rates as part of the Federal Reserve’s campaign to curb the coronavirus. Inflation by raising rates to the highest level in more than a decade, which is expected that slows the economy.
- In response to a question, Musk said Tesla would start with traditional advertising and “see how it goes,” and reversedaversion Advertising billionaire.
- Afterward, he told CNBC’s CEO David Faber that he was open to publicity because Tesla’s strategy for promoting its products on social media is to “preach to converts” — though he provided few details of his plans.
- Musk also said the company will begin delivering its first Cybertrucks later this year, after years of delays, and estimated that the company could produce 250,000 to 500,000 Cybertrucks a year, depending on order.
- Two new products, which Musk estimates could be produced at more than 5 million annually, are introduced, with an image showing the silhouette of an unnamed vehicle.
- Musk touched on the use of cobalt in the company’s batteries and said Tesla would conduct third-party audits to ensure no child labor in mines, after auditing the mining industry in the DRC.
We estimate Musk’s net worth at $175.9 billion, mostly from his stakes in Tesla and SpaceX, making him the second richest person in the world.
The shareholder meeting took place less than a month after Tesla’s first-quarter financial results were announced. The company made a profit of $2.51 billion (2.32 billion euros) in the first quarter. And in April, it cut prices on some of its cars in the United States for the sixth time this year, raising profit margin concerns. Musk came under fire for worrying about Twitter, which he bought last year for $44 billion (40.6 billion euros), a concern the CEO was able to address at the meeting thanks to the appointment of Linda Iaccarino as Twitter’s next CEO.
Translated article from the American magazine Forbes – Author: Antonio Pecino IV
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