{"id":9860,"date":"2023-05-17T07:33:02","date_gmt":"2023-05-17T11:33:02","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/teslas-elon-musk-expects-a-year-of-difficulty-for-the-global-economy\/"},"modified":"2023-05-17T07:33:03","modified_gmt":"2023-05-17T11:33:03","slug":"teslas-elon-musk-expects-a-year-of-difficulty-for-the-global-economy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9860","title":{"rendered":"Tesla\u2019s Elon Musk expects \u2018a year of difficulty\u2019 for the global economy"},"content":{"rendered":"
\n

Tesla Inc. Chief Executive Elon Musk said late Tuesday he foresees \u201ca year of difficulty\u201d for the global economy, with \u201clots of companies\u201d going bankrupt, and said that the EV maker will not be immune to the downdraft, even as he teased two new products for Tesla in the future. <\/p>\n

\u201cIt\u2019s is going to be a challenging 12 months, and Tesla is not immune to the global economic environment,\u201d Musk said at the Tesla
\n TSLA,
\n +0.10%<\/bg-quote>
\n shareholder meeting in Austin, Texas, where he spoke for nearly two hours on a wide range of topics.<\/p>\n

\n

The macroeconomic environment will be \u201cdifficult for at least the next 12 months,\u201d Musk said. A turnaround, however, would come in the following 12 months, and long-term investors in Tesla will do \u201cextremely well,\u201d he said. <\/p>\n

A shareholder in the audience asked about \u201crumors\u201d that Musk would be about to step down as CEO, ending with \u201csay it ain\u2019t so.\u201d Musk responded with \u201cit ain\u2019t so,\u201d but offered no further details. <\/p>\n

The executive also surprised the audience by saying that Tesla, which famously has eschewed traditional advertising, will now do it. \u201cWe will try advertising and see how it goes,\u201d he said. <\/p>\n

Musk teased two new products to be unveiled in the future, and promised more details at a yet-to-be-detailed launch event. The unnamed products would be \u201chead and shoulders above anything else\u201d currently in the market, he said. <\/p>\n

Tesla has been working on a next-generation vehicle that would be cheaper than its current offerings, but nothing has been detailed. <\/p>\n

Musk promised a revamp for the Tesla Roadster in 2024, although he said that wasn\u2019t a firm commitment. A new Roadster \u201cwill not be a huge contributor to revenue, but it will be sick,\u201d he said.<\/p>\n

The CEO\u2019s remarks were largely upbeat, to the applause of the shareholders at the event. Musk also spoke about autonomous driving and Tesla\u2019s plans for alternative energy, and confirmed the Cybertruck, Tesla\u2019s electric pickup truck which has been delayed a couple of times, is on track to be sold this year. <\/p>\n

\u201cWe will make as many as people want them\u201d eventually, but the production ramp will be slow at first, he said. <\/p>\n

See also: <\/strong>Rivian, Lucid and Fisker navigate a \u2018treacherous road\u2019 as they struggle to match Tesla\u2019s success<\/p>\n

Earlier, a preliminary tally indicated that shareholders voted yes on the proposals endorsed by the company, including approving the nomination of former Chief Technology Officer JB Straubel to the board. <\/p>\n

Some shareholders had questioned Straubel\u2019s nomination, saying that Tesla\u2019s board already had too many ties with Musk. <\/p>\n

A failed proposal, which had been introduced in previous years and called for a third-party audit into Tesla\u2019s cobalt supply chain to prevent child and forced labor, ended up being embraced by Musk. <\/p>\n

\u201cYou know what, we will do a third-party audit,\u201d although he said that Tesla products don\u2019t use that much cobalt. <\/p>\n

Tesla shares gained 1.2% in after-hours trading. So far this year, Tesla has gained 35%, compared with gains of around 7% for the S&P 500 index
\n SPX,
\n -0.64%<\/bg-quote>.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla Inc. Chief Executive Elon Musk said late Tuesday he foresees \u201ca year of difficulty\u201d for the global economy, with \u201clots of companies\u201d going bankrupt, and said that the EV maker will not be immune to the downdraft, even as he teased two new products for Tesla in the future. \u201cIt\u2019s is going to be […]<\/p>\n","protected":false},"author":1,"featured_media":9861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-9860","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTesla\u2019s Elon Musk expects \u2018a year of difficulty\u2019 for the global economy | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tesla Inc. 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