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While Elon Musk gave as much detail as he could at the event, there was no mention of the probable date the vehicles will hit the market.
Elon Musk, the Chief Executive Officer of American multinational electric vehicle maker, Tesla Inc (NASDAQ: TSLA) has dropped a crucial hint that two new vehicle brands are in the works at the company. He mentioned this while at the company’s 2023 Shareholder’s meeting that was held on Tuesday.
According to the vocal CEO, Tesla is indeed in the process of building new products.
“I just want to emphasize that we are actually building a new product,” said Musk. “We are actually designing a new product. We’re not sitting on our hands here,” Musk said adding that “both the design of the products and the manufacturing techniques are head and shoulders above anything else that is present in the industry.”
Tesla is not just known to be one of the very few pioneers of electric vehicle brands in the world, it is also recognized for its quality and prestige. These qualities are, however, negated by the high cost of the current Tesla car models. In a bid to correct this and make the company’s products more accessible to the average earner, Elon Musk has been focused on producing cheaper car alternatives.
Whether or not these two products are the answers to the cheaper EVs being tipped is unclear but if they are, starting prices may come in at $25,000. While the very first teaser given by Musk on the new product was far back in 2020, he reiterated this time around that there will be a proper product launch when the time comes.
The new update from Musk has helped sustain the company’s share price as it closed Tuesday’s session up by a marginal 0.10% to $166.52 with an additional 1.47% upsurge in the pre-market.
Elon Musk and the Projection for the New Vehicle Models
According to Elon Musk, the company’s attention on the new vehicle model that is in production will take precedence based on the projections in view. The billionaire investor said a total of 5 units is being planned for both brands annually.
In the teaser showing 2 masked vehicle brands, what is coming appears to be a truck and a sedan or hatchback electric vehicle respectively. While Elon Musk gave as much detail as he could at the event, there was no mention of the probable date the vehicles will hit the market.
Elon Musk is a man whose attention is divided in several ways. The CEO currently joggles Twitter, the social media platform he acquired for $44 billion last year, Tesla, Neuralink, SpaceX, and The Boring Company. He recently announced Linda Yaccarino as his replacement as CEO for the social media outfit, a move Tesla investors say will make him pay more attention to Tesla.
The revelation of the new products is one of the first vocal approaches from the CEO since he revealed Linda as his successor and thus marks a good omen boosting the Tesla share price.