Image: Elon Musk X account.
Tesla CEO Elon Musk says he is not planning to go anywhere – apart from maybe Mars – at least in the short term, and declared that he will continue to be the boss at the EV and battery storage company for at least another five years.
In two different interviews with Bloomberg and CNBC at an event in Qatar, Musk also declared that the future growth in Tesla lay in autonomy – both for the company’s EVs and the Optimus humanoid robot the company is developing.
He also downplayed the fall in EV sales, claiming that they were strong everywhere but Europe – which is not actually true – and said he would wind back his political donations, after spending more than half a billion dollars (Australian) on campaigns for Donald Trump and other Republicans.
Tesla sales have slumped across the world – in Europe, China, Australia, and in the US – as it deals with more competition, the retooling of factories for the refreshed Model Y, and growing public distaste for Musk’s political declarations and the spreading of far-right conspiracy theories on X.
Analysts have downgraded their sales and revenue forecasts following a deeper than expected fall in sales in the first quarter, and Tesla has acknowledged the political impact on its sales, although it told investors at its first quarter briefing it was the result of “hateful” campaigns.
But Musk insisted in the CNBC interview that was not the case.
“We can’t make cars if the factories are retooling. But we’ve seen a major rebound in demand at this point,” Musk said. “When you buy a product, how much do you care about the political views of the CEO or even care what they are?”
It’s a view advanced by many Tesla technology fans and shareholders, despite the strong evidence that customers have been turned off the brand because of Musk’s political views, and that many do care about Musk’s politics, particularly when they are so prominent.
There were reports, in the Wall Street Journal, that the Tesla board had canvassed hiring a new CEO – later denied by both the board, and – in an all caps tweet – by Musk, but some commentators have questioned his ongoing impact on the company.
But the sales numbers for EVs, even if they do rebound as the deliveries of the new Model Y ramp up, may not matter so much to the company and its investors, given that Musk has long insisted – and many analysts agree – that its blue sky value is in autonomy and robotics.
“The only things that matter in long term are autonomy and Optimus,” Musk said in the interview with CNBC. “Those overwhelmingly dominate the future of financial success of the company.”
Tesla plans to launch its Robotaxi in Austin, Texas, next month. Musk says there will be 10 Model Y vehicles using FSD (full self driving) to start with, but hopes this can grow to 1,000 “within few months.” They will be contained in special geo-fenced areas. He wants to extend the trials to Los Angeles and San Franciso.
Even in Australia, Tesla has displayed the use of FSD, highlighting on a video its ability to do so called “hook turns” around tram lines in the Melbourne CBD.
Musk has been accused of over-promising on autonomy, and there is still a huge debate about whether his camera-based system can trump that of rivals such as Waymo, which is already operating self driving cars in some US markets using lidar and radar.
Analysts and investors, however, say the bullish price for Tesla stock – it has rebounded 50 per cent in the past few weeks from a post-sales result low – is based largely on expectations about the success of autonomy. And Musk himself is convinced that everyone on the planet wants their own robot.
Giles Parkinson is founder and editor of The Driven, and also edits and founded the Renew Economy and One Step Off The Grid web sites. He has been a journalist for nearly 40 years, is a former business and deputy editor of the Australian Financial Review, and owns a Tesla Model 3.
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There is absolutely no point in trying to understand Tesla's valuation. Any serious attempts to do so will simply get you on the same "unreputable" list as Business Insider and the WSJ. CNBC is skating on thin ice also......and their reputation isn't much beyond entertainment.
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I wonder how many long suffering Tesla owners, past and present, would actually be relieved at the prospect of an industry leader taking over from the occasional CEO.
He imagines a world in which people want cars that drive themselves and their own personal robot, and he's staking the company on that notion. Personally I think it's bonkers, but then again I thought the first smartphones wouldn't amount to anything, so what do I know.
I’m pretty sure that Elon Musk envisages a world with far fewer people on it,
I don't think it's his views people are concerned about but rather his actions re: DOGE
As a non US citizen I care little about DOGE in the US but a lot about ultra right wing dills trying to get the rest of the world to do the same DOGE type stunts where I live
“When you buy a product, how much do you care about the political views of the CEO or even care what they are?“
Self-awareness and reflection are not strong in Musk, are they?
Exactly. When the company's cars and buildings are vandalized and private Tesla's also vandalized because of the CEO's actions and comments then of course it is going to affect sales and brand reputation.
Quite a few CEOs visit their retail outlets, call centres and factories to talk and learn from the staff. Perhaps Elon needs to spend more time with his feet planted on the ground with the front-line staff and potential customers.
I am stunned, or maybe not. Musk is broken.
Once upon a time it seemed like Tesla listened to their customers. I am a customer and CEO's twitter posts and public political actions matter and you would be stupid not to see that. I know EV buyers who want anything but a Tesla because Elon. Musk didn't pay a fortune for X or the US government not to influence the world for his narrow interests. 99.9% aren't leaving earth. Mars is a kids fancy. The world does not have a depopulation problem. His ideas are stupid. The vast majority of people in Gaza were kids before Israel set out to starve and bomb them to death with US weapons, leaving whoever remains to hate Israel until their last breath. US aid cuts impacted many desperate people around he world and that's about as nasty as you can get. Climate change has real consequences and people don't like influencers that pedal lies. Oh, and apparently empathy is a weakness, not.
Yeah, why should we care what the brand ambassador does? We are lucky enough to live in a democracy where we have some influence on the world and what we leave to our kids.EVs are a part of that but today Tesla is no longer the only game in town.
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Musk is being disingenuous. His actions with doge have made thousands unemployed in the USA so no wonder they hate him. He is not a politician and associating closely with Trump was a very bad decision.
That has not affected my admiration for Musk, though recovering my Cybertruck deposit has been a nightmare! Two months assuming all goes well.
It's almost out of the news cycle.
It'll all be flowers and rainbows in a month or two.
Buy the dip.