Elon Musk has expressed concerns to investors regarding how the U.S. economy’s state may negatively impact Tesla’s growth.
Elon Musk remains the world’s richest person despite recently losing $24billion
Elon Musk has alerted investors in an earnings call that Tesla’s long-delayed Cybertruck won’t be cash flow positive for years.
The electric auto manufacturer announced the truck in 2019 and has slated it for a November 30 release.
Musk, Tesla’s CEO, suggested that investors manage their expectations for Cybertruck’s launch during the fourth quarter — especially after troubling third quarter reports.
The Tesla founder’s net worth took a $24billion hit during quarter three due to his car company’s underwhelming sales.
Tesla shares also dropped 9 percent Thursday, according to CNBC.
Tesla’s Cybertruck currently carries a $39,900 starting price
However, Musk remains the world’s richest person with an estimated net worth of $231billion, Forbes reports.
Cybertruck demand remains high amongst the public, with over one million reservations, but the model’s production scaling challenges are sparking anxiety within the company.
Musk said: “We dug our own grave with the Cybertruck.
“Cybertruck’s one of those special products that comes along only once in a long while.
“And special products that come along once in a long while are just incredibly difficult to bring to market to reach volume, to be prosperous,” The Verge reports.
News
Privacy Policy
Effective Date: 06-08-2020 This Privacy Policy, together with the Terms of service posted on our Website, set forth the general rules and policies governing your use of…
End of content
No more pages to load