Elon Musk is very unpredictable.
The CEO of Tesla (NASDAQ:TSLA), SpaceX, the Boring Company, and other businesses, Elon Musk frequently provides unexpected commentary and reactions, particularly on Twitter (NYSE:TWTR), which he is acquiring for $44 billion, barring some miraculous escape.
Musk spoke extensively during the most recent annual meeting of Tesla (NASDAQ:TSLA). He discussed various topics, including plans for a brand-new futuristic diner at a Tesla (NASDAQ:TSLA) supercharger location in Los Angeles, increasing prices for the frequently delayed Cybertruck, and how many Teslas he believes can be sold in the ensuing ten years. During the occasionally boisterous shareholder meeting, Musk also provided an interesting perspective on the competitive landscape.
Early Days of Tesla
Musk told shareholders that when they started, they were told electric cars were impossible. Even if one could make an electric car with a couple of hundred miles of range, considering the fact people love gasoline cars, they would not buy electric cars. Musk said that when they started, it was dumb to start a car company, and then dumb squared to an electric car company. He then boasted, saying now they have the highest operating margin in the whole industry.
Increasing Competition for Tesla
Musk also talked about escalating competition. He mentioned in the shareholder meeting that there’s a lot of talk of competition among electric vehicles, but EVs take market share from gasoline cars. He added that from Tesla’s standpoint, they welcome this.
He said they are very excited to see that the big car companies are embracing electric vehicles, and if you were to rewind the press releases to five years ago, that was not the case.
In addition, he said now he believes almost every major car company in the world has accepted vehicle electrification and agrees that it is the right path, and this is really what they set out to do with Tesla (NASDAQ:TSLA).
When Tesla (NASDAQ:TSLA) started, it was really to show the auto industry that it was possible to go electric, and if you made compelling electric cars, people would buy them. And that’s what’s happened, and Musk thinks that’s profound. According to Musk, there’s another benefit to Tesla (NASDAQ:TSLA). He said that Tesla’s sales go up every time when competitors advertise for electric vehicles. It’s pretty funny.
Featured Image: Megapixl @Manovankohr
