Musk tamps down expectations while making some boastful claims during earnings call.
In the earnings report, Tesla says the Cybertruck is on track to begin production"later this year" in Texas and there will be additional details about"our next generation vehicle platform" on March 1. During analyst questions, Musk and chief financial officer Zach Kirkhorn said equipment is being installed at the Texas plant now and production is slated to start this summer. But"the start of production is always very slow," Musk cautioned.
Musk said he was wearing his t-shirt with the smashed glass during the call as he told Wall Street that the Cybertruck"won't be a significant contributor" in 2023.The update comes as Tesla reported a record fourth-quarter profit of nearly $3.7 billion, which was below Wall Street expectations, adding to investor worries about the ability to generate promised sales levels and revenue given economic conditions and increased competition for EVs.
The automaker's outlook calls for 1.8 million vehicles this year—up from 1.3 million in 2022—and if there are no major natural disasters, output could reach 2 million, Musk says. But those figures are still below some of his previous promises. His grandiose plan is to sell 20 million vehicles annually by 2030, making Tesla the largest carmaker by volume.
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