Tesla held its annual shareholder meeting in Austin, Texas, laying forward important plans for the electric car company and Elon Musk’s full-time return.
Despite the widespread belief that the economoy will be facing challenges in the next 12 months, Musk insisted that Tesla is positioned to stick it out for the long haul and come out successfully.
Musk addressed concern about his primary focus on Twitter following the $44 billion acquisition of the social media company. Referring to his work at Twitter as a “short-term distraction,” he insisted that he is now redirecting his energy back to Tesla following Linda Yaccarino's appointment as CEO.
He also announced the production of Cybertrucks under Tesla, set to begin this year, stating that the company aims to produce between 250,000 to 500,000 a year once production begins.
Musk even mentioned the production of Tesla’s first humanoid robot, currently in development, called Optimus. The CEO believes that a “majority of long-term value” for the car company could come from introducing Optimus to the market.
During the Q&A portion of the annual shareholder meeting, Elon Musk acknowledged the company’s opinion on traditional advertising strategies.
Since Tesla was founded, the company has chosen to forgo traditional advertising, instead opting for word-of-mouth and tapping into influencer marketing. However, Musk seems to be ready to give traditional advertising methods a go.
“We’ll try out a little advertising and see how it goes,” he answered at the meeting.
Musk also acknowledged the great success Tesla’s energy storage business is having, stating that the company’s big battery sales are increasing faster than sales growth in the automotive segment, which represents Tesla’s brand core.
Additionally, Tesla’s board welcomed a new member. JB Straubel will be joining Tesla’s board as an independent director. Straubel was formerly the electric car company’s chief technology officer and is now the CEO of Redwood Materials, a company devoted to recycling batteries and electronic waste.
Overall, Tesla's annual shareholder meeting revealed to audiences that the company is in for a bright year.