Tesla's CEO Elon Musk made it clear that even his company is not immune to the current economic conditions around the world. In fact, he even went as far as to say that it would be difficult for Tesla during the next 12 months.
During Tesla's annual shareholder meeting, Elon Musk also talked about the market rumors about him stepping down as CEO. He said there is no substance to these rumors, and they are totally false.
At the event, he also announced two new Tesla models that are under development. These models are designed to appeal to the mass market and thus will help Tesla to further establish its position in the market.
This year, the company is also planning to start the deliveries of its Cybertruck, which will mark a major milestone in the company's history.
Tesla Plans On Advertising Its Cars
According to Elon Musk, the company is also planning to advertise its vehicles for the first time ever. He added that Tesla will try the advertising route and see how it goes.
That's one of the signs that Tesla is going through tough times & even tougher days are ahead for the company.
Elon Musk also said that Tesla can't stay unaffected by the global economic environment. In fact, he even said that macroeconomic conditions would be difficult for Tesla during the next 12 months.
During the 1st quarter results, Tesla missed the target it had set due to the price cuts on its vehicles. However, Tesla needed to introduce price cuts due to the rising competition and a slow economy.
At the meeting, another important development was voting to add JB Straubel to Tesla's board. However, certain parties urged caution to the investors on this appointment. According to these parties, there are concerns about the independence of Straubel.
Mr. Straubel is the chief of a company called Redwood that's involved in the recycling of batteries and other materials. For the most part, he is a strong candidate that's considered worthy as a successor to Elon Musk.