Tesla slows down on electric vehicles, but not on AI
Tesla slows down on electric vehicles, but not on AI
After years of growth at breakneck speed, You’re here seems to be slowing down. That’s reasonable, but investors didn’t put an $867 billion market value on the company because they like common sense.
CEO Elon Musk was particularly pessimistic during Tesla’s third-quarter earnings conference call Wednesday evening. The world’s richest person has warned that the company’s highly anticipated new model, the Cybertruck, could take 18 months to turn a profit given the “immense work” required to reach volume production. And he lamented the impact of rising interest rates on vehicle affordability, meaning Tesla is struggling to clear inventory despite this year’s price cuts.
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