Elon Musk teased just a few new Teslas throughout the corporate’s annual stockholder assembly on Thursday. The CEO was visibly jubilant after shareholders voted by means of his monumental $56 billion pay package deal.
The teaser got here at time. Going through a stale car lineup and stagnating gross sales, Tesla is in determined want of a win on the product entrance. Musk mentioned new autos are within the works, displaying a slide with illustrations of three autos beneath white sheets. However he did not point out any particulars about what’s to come back.
Tesla wants new automobiles
Going through slumping gross sales and a largely stale product lineup, Tesla is in want of recent and thrilling merchandise. The corporate has mentioned that new fashions are coming in late 2024 or early 2025 however hasn’t provided specifics.
“Clearly we have some new merchandise that we’re engaged on beneath the covers,” Musk mentioned. “I believe these are going to be fairly particular.”
One of many autos seemed to be a tall, boxy van of some sort. The 2 others appeared decrease and sleeker. Tesla plans to disclose its long-hyped robotaxi on August 8, so one of many fashions beneath wraps could possibly be that. In April, the electrical automaker additionally mentioned it is accelerating the launch timing of recent fashions, together with extra inexpensive autos. These, Tesla mentioned on the time, ought to arrive in late 2024 or early 2025.
Tesla shared related photographs of two secret autos final April in its Grasp Plan Half 3. In that doc, the corporate mentioned that Tesla equivalents of a compact automotive, business/passenger van and bus had been “TBD.”
The point out of recent fashions, nonetheless obscure, is probably going music to the ears of some Tesla followers and traders. For a while, trade analysts have warned that Tesla’s lineup was ageing and that the extraordinarily fashionable Mannequin 3 sedan and Mannequin Y crossover could not shoulder the corporate’s progress indefinitely. After years of gangbusters progress, Tesla’s car deliveries dropped 8.5% within the first quarter of this yr.
That is not nice for EV adoption as a complete within the U.S, since Tesla makes up such a big a part of the EV market in these comparatively early days.
Regardless of the strain, Musk has stalled on introducing a less expensive mannequin that might drive greater gross sales. As an alternative, Tesla lately centered its efforts on launching the Cybertruck, an extreme-looking, costly pickup truck that auto trade consultants say is unlikely to promote in critical volumes. Musk himself has mentioned it will not make a big affect on the corporate’s backside line this yr.
In the meantime, he has appeared more and more bored of the automotive enterprise altogether, selecting as an alternative to double down on Tesla’s efforts in self-driving automobiles and robotics. Tesla’s CEO breezed by the slide on upcoming fashions, however spoke at size this night about robotaxis, Tesla’s Full Self-Driving characteristic (which is not really autonomous but), synthetic intelligence and the Optimus humanoid robotic.
Musk claimed Tesla may at some point make 100 million bots per yr, netting it an unfathomable $1 trillion in income. That was based mostly on an assumption that there can be a humanoid robotic for each human on earth, an awfully optimistic expectation. Musk additionally mentioned Tesla’s robotic and robotaxi companies could possibly be price one thing like $30 trillion sometime. That is about 10 occasions the present market cap of Apple, the U.S.’ most beneficial public firm.
However on the finish of the day, Tesla is a automotive firm that makes the majority of its income promoting automobiles. To develop that enterprise and develop entry to EVs, it wants concrete plans for brand spanking new fashions, not simply obscure allusions to them. In any other case, aggressive newcomers to the EV area like Hyundai Motor Group and China’s BYD will fortunately fill the hole.
