HISTORY: Tesla’s Elon Musk on Tuesday warned of a challenging year for the global economy and that his electric vehicle maker is not immune to this downturn.
“I expect things to get difficult at the macro level at least over the next 12 months. Tesla’s going to do it and we’re going to do well and I think we’re going to see a lot of companies actually go bankrupt.” It is important to understand that no company is immune to the macroeconomic environment. However, there will not be darkness forever. I expect probably a year full of difficulties worldwide for everyone.”
Speaking at Tesla’s shareholder meeting in Texas, Musk said the company will try to advertise its vehicles, which may be a sign of trying times for the world’s largest electric car maker.
It’s something the company has never done, and one that Musk has called “hating” in the past.
But on Tuesday, he said many people don’t know about the affordability of Tesla cars or their features.
Musk also had news for investors concerned about weaker demand and delays in some new models.
He confirmed that the long-delayed Cybertruck pickup will hit the market this year, with around 250,000 units lined up for production each year, depending on demand.
And Musk announced two new mass-market models in development and said he hopes to make more than five million of these vehicles.
Last month, Tesla missed its margin target after aggressive price cuts, and Musk had said the company will prioritize sales over profits.
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