Tesla Shareholder Meeting: 500,000 Cybertrucks a Year to Be Built Including Elon Musk Daily Driver
Key takeaways
- CEO of Tesla, Elon Musk, confirmed Cybertruck production, advertising and new board member
- Musk also warned the difficult economic situation would hurt the industry, but the overall sentiment was up far more than at last year’s shareholder meeting
- Tesla shares were up 4% during trading after the announcements with many analysts giving the stock a Buy rating
It was another interesting Tesla shareholder meeting that took place yesterday with robots aplenty, including cowboy hat-wearing, robot-dressed attendees and the promise of an actual humanoid robot, Optimus, that Tesla is developing. Yep, really.
There were plenty of announcements and investors had a good day — let’s get into the details.
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What happened at the shareholder meeting?
There was the usual guff and pomp from CEO Elon Musk, who said Tesla’s Model Y would be the “number one selling car on Earth this year” and that the company’s much-anticipated self-driving technology would be ready to go in 2023. Former Tesla CTO JB Straubel was also voted onto the board as an independent director.
Tesla also confirmed it would be shipping out the first of its long-awaited Cybertrucks this year and that it should be able to deliver up to 500,000 units a year once production begins. Elon also confirmed he’d be driving a Cybertruck daily — perhaps a two-fingers-up message to critics of the vehicle’s design, which has been described as utilitarian at best and straight-up ugly at worst.
But it wasn’t all plain sailing. Musk hinted the economic picture would make it a tough year for the industry, so advertising was now on the table for the carmaker that’s otherwise bucked the trend until now. But overall, it was a stark difference in tone to 2022’s Tesla shareholder meeting.
Wall Street’s reaction
When Elon Musk says anything about Tesla, Wall Street listens. With a new Twitter CEO in place and Musk focused back on Tesla, promises to try out advertising and supply chain changes, investors liked what they heard.
Tesla stock jumped 4% after the meeting and the stock has now been given a Buy rating from most analysts. It’s currently trading at $173 with around a $250 price target for the share price.
The bottom line
Expectations are always high now regarding Tesla, which has seen phenomenal stock growth since it was listed. With a largely positive shareholders meeting, it was no surprise to see Wall Street’s love affair with the EV maker continues.
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