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Musk's speech at the shareholders' meeting: ModelY has the highest sales volume on Earth this year, and Tesla wants to test the waters and advertise

Tech 2023-05-17 08:43:49 Source: Network
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On Tuesday, May 16th local time, Tesla held its annual shareholders' meeting this year at its factory in Austin, Texas, USA.Tesla CEO Musk said at the conference that he expects a challenging economic environment to continue in the next 12 months, with many companies going bankrupt

On Tuesday, May 16th local time, Tesla held its annual shareholders' meeting this year at its factory in Austin, Texas, USA.

Tesla CEO Musk said at the conference that he expects a challenging economic environment to continue in the next 12 months, with many companies going bankrupt. But he believes that after that, the economy will recover and Tesla will be in a favorable position.

Musk has expressed concerns about recession more than once since last year. Last October, he speculated that the economic recession would likely continue until the spring of 2024. At the Tesla earnings conference call in January this year, he said that we may experience a quite difficult economic recession this year. I hope not, but it's very likely. At the end of last month, he warned that the United States was already in a period of mild recession, and further interest rate hikes by the Federal Reserve would cause a severe recession.

Significant transformation in revenue mode since its establishment in the past 20 years: advertising

At the shareholders' meeting, a participant asked Musk if he would reconsider Tesla's long-standing stance on traditional advertising.

Musk replied that Tesla plans to try advertising. We will try to put in a bit of advertising and see how it works

Media comments indicate that advertising marks a significant transformation in Tesla's marketing approach, which has been established for 20 years. For a long time, Tesla has been promoting its electric vehicle products through word of mouth among its fans, avoiding traditional marketing methods such as television, radio, newspapers, and magazines.

Last Thursday, Musk suddenly announced that he had found a new CEO for Twitter and quickly revealed the next day that his successor was Linda Yaccarino, a former advertising executive at NBC Universal. Musk said that Yaccarino's focus will be on business operations, and he himself will focus on brand design and new technology.

Wall Street News mentioned at the time that comments believed that Yaccarino had extensive experience and connections in the advertising and media industry, and she would assist Twitter's advertising business in overcoming difficulties.

Advertising industry insiders have pointed out that Yaccarino has successfully integrated advertising sales and digitalized on NBC, and her past achievements in cross selling advertising on different platforms may attract Musk as Musk attempts to transform Twitter from a social media company to a larger media platform.

Former CTO elected as Tesla Director Musk has no intention of resigning as Tesla CEO

At this Tuesday's shareholder meeting, shareholders voted to appoint former Tesla Chief Technology Officer (CTO) JB Straubel as Tesla's independent director. Currently, Straubel serves as the CEO of RedwoodMaterials, a company that recycles lithium batteries and produces batteries for electric vehicles.

At the same time, shareholders voted against the proposal to release a 'Key Person Risk' report. The report aims to identify key individuals for Tesla and establish a succession process.

Musk said at the shareholders' meeting that he has no intention of resigning as Tesla CEO.

Wall Street has mentioned that after Musk acquired Twitter last year, Tesla's shareholders have been concerned that Musk has focused too much attention on Twitter. Many shareholders have called on Musk to quickly abandon his position as Twitter CEO and focus on leading Tesla.

After Musk announced his successor as Twitter CEO last week, Wedbush analyst Dan Ives pointed out in a report this week that Musk's departure as Twitter CEO will have a positive impact on Tesla's stock.

Delivered in mass production later this year, Cyberrack's annual production will reach 250000 to 500000

At this shareholders' meeting, Musk made predictions for Tesla's models. He said that Tesla's ModelY will become "the best-selling car on Earth this year.

Musk also mentioned the electric pickup truck Cybertruck and promised to deliver the mass production Cybertruck later this year.

Musk mentioned that the production of Cybertruck has been delayed, which has caused some manufacturing challenges. He expressed regret and said, "I'm sorry for the delay. We will eventually start delivering mass production Cybertruck later this year." He said that Cybertruck will become his daily driving vehicle.

Musk stated that if Tesla comprehensively increases the production of Cyberrack, it should be able to produce 250000 to 500000 vehicles annually. He acknowledges that the cost of Cyberrack is difficult for consumers to bear, as it is a new car produced using new manufacturing methods.

At the shareholders' meeting, a participant asked Musk if Tesla would produce RVs or campers. Musk said that Tesla currently does not have this plan, but Cybertruck can be converted into such vehicles.

Since the official launch of the Cyberrack design at the November 2019 press conference, Tesla has received over 600000 pre orders, but has repeatedly postponed production from the end of 2021 to the end of 2022, then to the beginning of this year and then to the middle of this year.

At Tesla's fourth quarter financial report conference call in January this year, Musk said that Cyberrack will not achieve full mass production until 2024. Last month, Musk revealed during Tesla's first quarter report conference call that Cyberrack is expected to start delivering in the third quarter of 2023.

Tesla will conduct a third-party audit of cobalt supply to produce drive units that do not contain rare earth elements and consume less silicon carbide

After the shareholder vote, Tesla CEO Musk first promised in his speech that Tesla would conduct a third-party audit of the company's cobalt supply chain to ensure that no cobalt supplier of the company used child labor.

Cobalt is an important raw material for lithium-ion batteries in electric vehicles and a key raw material for backup battery packs in household and utility energy projects. Musk said that even if we produce a small amount of cobalt, we will ensure that no child labor is exploited within the six weeks before Sunday.

Musk stated that Tesla plans to produce a new type of drive unit that requires less silicon carbide and does not contain rare earth elements compared to previous drive systems. Tesla will also switch to a new low-voltage architecture in cars, which requires less copper.

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