Tesla held its annual shareholder meeting in Austin, Texas, on Tuesday, May 16, 2023. The event, which was also livestreamed online, featured several announcements and updates from CEO Elon Musk and other executives. Here are some of the highlights and takeaways from the meeting:
Tesla added JB Straubel, the co-founder and former CTO of Tesla, to its board of directors as an independent director. Straubel is currently the CEO of Redwood Materials, a battery recycling company that works with Tesla and other EV makers. Musk praised Straubel as a “genius” and a “friend” who helped create Tesla’s core technologies.
Tesla revealed two new electric vehicles that are in development: a compact hatchback for Europe and a van for commercial use. Musk said the hatchback will be designed at Tesla’s Gigafactory Berlin, which is expected to start production later this year. He said the van will have solar panels on the roof and a “sick” entertainment system inside.
Tesla reaffirmed its goal of producing 20 million vehicles per year by 2030, which would make it the largest automaker in the world by volume. Musk said Tesla will achieve this by expanding its global manufacturing capacity, improving its battery technology, and lowering its costs. He also said Tesla will launch a $25,000 car in the next few years that will be affordable for most people.
Tesla addressed some of the challenges and controversies it faced in the past year, including Musk’s $44 billion acquisition of Twitter, the global chip shortage, and the regulatory scrutiny over its Autopilot system. Musk said he bought Twitter to save it from bankruptcy and to promote free speech. He said Tesla is coping with the chip shortage by developing its own chips and sourcing from multiple suppliers. He said Tesla’s Autopilot is safer than human drivers and will soon achieve full self-driving capability.
Tesla teased some of its future plans and innovations, such as a new drive unit that will require less silicon carbide and no rare earth elements, a new low-voltage architecture that will require less copper, and a third-party audit of its cobalt supply chain to ensure there is no child labor involved.
Musk also said Tesla will try out some traditional advertising to see how it affects its sales and brand awareness. The shareholder meeting was followed by a Cyber Roundup event, where Tesla showcased its Cybertruck, Cyberquad, and other futuristic products. Musk said Tesla will deliver its first Cybertrucks this year, and should be able to produce 250,000 to 500,000 per year once production ramps up. He said he will drive a Cybertruck as his daily vehicle.
Optimus humanoid robot: Musk introduced Optimus, a Tesla-developed humanoid robot. He mentioned that Tesla’s expertise in full self-driving software can be transferred to humanoid robots, leading to potentially high demand for such robots. Long-term outlook: Musk acknowledged the macroeconomic challenges and uncertainties but expressed confidence that Tesla will be in an excellent position once the global economy recovers. He emphasized the long-term potential for investors.
Tesla’s stock rose about 1% after hours during the event, reflecting the positive sentiment among investors and fans. Tesla remains one of the most valuable and influential companies in the world, with a market cap of over $1 trillion and a mission to accelerate the transition to sustainable energy.
