Tesla (NASDAQ:TSLA) held its annual shareholder meeting in Austin, Texas on Tuesday, where CEO Elon Musk updated investors on the company’s current product fleet, FSD, its Cybertruck production ramp, and plans to complete Part 3 of its Master Plan. Musk also announced that there will be a new person heading up Twitter, signaling to TSLA shareholders he may have more time to spend on the electric vehicle giant.
Musk reiterated his commitment to remain as the CEO of Tesla, overseeing a crucial phase of innovation, while dedicating less time to Twitter. He also teased an announcement of two new vehicles based on a low-cost platform, which the company anticipates will achieve a combined annual production of over 5 million units.
In response to an investor question about a potential advertising campaign, Musk appeared to decide real-time during the meeting to try advertising its vehicles. Wedbush analysts wrote in a note about the potential advertising campaign saying, “We view this as a major positive for Tesla as many parts of the Tesla product portfolio are undervalued by the Street with FSD a major potential value adder on top of the company’s expanding product portfolio across auto and energy.”
Musk once again stated that this would be the year for FSD, acknowledging his long history of being over-optimistic about the timeline and noting that FSD improvements are non-linear. He also warned of choppy macro conditions for the next year, but reassured shareholders that Tesla will be in a great position when the economy turns around in 12 months.
Shares of TSLA are up 1.12% in pre-market trading on Wednesday.