Tesla meeting: Elon Musk talks rough economy, advertising and new models
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Tesla (NASDAQ:TSLA) held its annual shareholder meeting on Tuesday in Austin, Texas. The event featured some housekeeping and off-the-cuff remarks from Elon Musk.
Musk warned that Tesla (TSLA) is not immune from what could be a tough period for the economy and more pressure on consumer discretionary spending. He also surprised with a tease that Tesla (TSLA) will try out media advertising and see how it goes in what will be a departure from the company's track record of non-traditional advertising.
The boardroom at Tesla (TSLA) has a new member with the addition of Redwood Materials CEO JB Straubel, who was previously the Chief Technical Officer of Tesla.
On the product plan, Elon Musk advised that Tesla (TSLA) will deliver its first Cybertrucks this year. The target is for the electric vehicle maker to deliver 250K to 500K Cybertrucks a year. The long-awaited return of the Roadster is expected in 2024. He also teased that plans are being made for two new electric vehicle models.
During the Q&A part of the event, Elon Musk was asked about the rumors he was considering stepping down from the CEO role of Tesla (TSLA). "It ainât so," he responded. There were no new details on the succession plan at Tesla.
Tesla (TSLA) gained 1.20% in postmarket trading on Tuesday.
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