Facing one of the worst stock slumps in Tesla’s 14-year history, Elon Musk was under pressure this week to deliver a reassuring message to investors about its next generation of electric vehicles and a persuasive vision for an AI-driven, automated future.
Instead, what the chief executive offered — alongside even worse than expected first-quarter profits and the company’s first cash outflow since the start of the pandemic — was a classic Muskian fudge.
Tesla would “accelerate the launch of new models”, he said on Tuesday, including a promised “affordable” car better priced to compete with an impending influx of ultra-cheap Chinese rivals in the US market.
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