: Tesla’s Elon Musk expects ‘a year of difficulty’ for the global economy

by | May 16, 2023 | Stock Market

Tesla Inc. Chief Executive Elon Musk said late Tuesday he foresees “a year of difficulty” for the global economy, with “lots of companies” 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. “It’s is going to be a challenging 12 months, and Tesla is not immune to the global economic environment,” Musk said at the Tesla
shareholder meeting in Austin, Texas, where he spoke for nearly two hours on a wide range of topics.

The macroeconomic environment will be “difficult for at least the next 12 months,” Musk said. A turnaround, however, would come in the following 12 months, and long-term investors in Tesla will do “extremely well,” he said. A shareholder in the audience asked about “rumors” that Musk would be about to step down as CEO, ending with “say it ain’t so.” Musk responded with “it ain’t so,” but offered no further details. The executive also surprised the audience by saying that Tesla, which famously has eschewed traditional advertising, will now do it. “We will try advertising and see how it goes,” he said. Musk teased two new products to be unveiled in the future, and promised m …

Article Attribution | Read More at Article Source

Share This