STORY: Tesla’s Elon Musk warned of a challenging year ahead for the global economy on Tuesday and that his electric-vehicle maker is not immune to that downturn.
"I expect things to be just, at a macroeconomic level, difficult for at least the next 12 months. Like Tesla will get through it and we'll do well and I think we'll see a lot of companies actually go bankrupt... It's important to understand that no company is immune to the macroeconomic environment. But that said, it won't be darkness forever. I expect probably a year of difficulty globally for everyone."
Musk was speaking at Tesla’s general shareholders’ meeting in Texas and in what may be a sign of tough times for the world’s biggest electric car maker, he also said the company would try advertising its vehicles.
That’s something the company has never done and that Musk has said in the past that he ‘hates’.
But on Tuesday he said thinks many people do not know about the affordability of Tesla cars or their features.
Musk also had news for investors concerned about softer demand and delays of some new models.
He confirmed that the long-delayed Cybertruck pickup will enter the market this year, with about 250,000 in line for production every year...depending on demand.
And Musk teased two new mass-market models under development, saying he hopes to make more than five million of those vehicles.
Last month Tesla missed its margin target after aggressive price cuts, and Musk had said the company would prioritize sales ahead of profit.