Tesla investors are probably smiling after the company’s shareholder meeting on May 16, 2023. CEO Elon Musk was not his usual combative self, and he teased two new electric vehicles (EVs). He also acknowledged that the next 12 months will be challenging, but he said that Tesla is not immune to the global economic environment.
One of the most notable things about the meeting was Musk’s demeanor. He was much more subdued than usual, and he did not engage in any of the personal attacks that he has become known for. This was a welcome change for many investors, who have been frustrated by Musk’s behavior in the past.
Musk also teased two new EVs. He said that one of the new models is already in production, which suggests that it could be released soon. He did not provide any details about the other model, but he said that it would be “something special.” One of them looks like a more compact version of Model 3.
In addition to teasing new EVs, Musk also acknowledged that the next 12 months will be challenging for Tesla. He said that the company is not immune to the global economic environment, which is facing headwinds from inflation and supply chain disruptions. However, he said that Tesla is well-positioned to weather the storm and continue to grow.
Finally, Musk said that Tesla will start advertising for the first time. This is a significant change from the company’s past, when it has relied on word-of-mouth and social media to generate demand for its products. However, Musk said that advertising is necessary to reach a wider audience and grow the business.
OUR THOUGHTS
Overall, Tesla investors were probably pleased with the shareholder meeting. Musk was more subdued than usual, he teased two new EVs, and he acknowledged that the next 12 months will be challenging but that Tesla is well-positioned to succeed.
