Elon Musk, the CEO of Tesla, Inc., teased the development of two new electric vehicles during the company’s 2023 annual shareholder’s meeting. Besides the new vehicles, Musk mentioned that Tesla is actively engaged in the development of a new, undisclosed product.
“I just want to emphasize that we are actually building a new product,” Musk said, underscoring Tesla’s commitment to innovation. “We are actually designing a new product. We’re not sitting on our hands here.”
As Musk addressed the attendees, an intriguing image of a vehicle silhouette was displayed behind him, sparking speculation that it could be the highly anticipated $25,000 hatchback, first mentioned by Musk in 2020 during the company’s battery day.
The Tesla CEO, however, clarified that the annual meeting wasn’t the right venue for a new product announcement, promising a formal product launch at an appropriate time. The term “building,” as used by Musk, could suggest that a prototype is currently in the works, rather than a vehicle ready for mass production.
This isn’t the first time Tesla has stirred up excitement about its upcoming offerings. At its Investor Day in March, the automaker shared an image with its entire lineup and two veiled car outlines, hinting at the addition of a van-sized vehicle and a smaller sedan or hatchback to its product range. Musk suggested that these new models are expected to be more affordable and would likely have higher production volumes.
“Elon’s guess is that we’ll probably make in excess of 5 million units per year of these two models combined,” Musk stated, demonstrating his high expectations for these new models.
In addition, Tesla recently confirmed plans to establish a gigafactory in Mexico, which many believe could be the production site for the budget-friendly hatchback, dubbed the “Model 2″ by Tesla aficionados.
There’s also been speculation that the second teased vehicle could be the robotaxi that Musk has hinted at previously. Answering a query about Tesla vehicles being employed for ride-sharing, Musk dismissed the idea, stating that ride-sharing “will not really be relevant in the self-driving world.” He confidently added that Tesla is nearing its goal of achieving full self-driving capabilities.
In relation to the much-delayed second-generation Tesla Roadster, Musk provided some insights. He stated that while the Roadster’s release has been postponed due to other product priorities, the engineering and design work should be completed this year. Musk envisions that production could start in 2024, referring to the Roadster as the “cherry on the icing on the cake.” However, he candidly accepted that the Roadster would not be a significant source of revenue for Tesla, but instead would contribute modestly to profitability.
Despite being the outgoing Twitter CEO, Musk confirmed that he has no intention of stepping down as Tesla CEO. “I think Tesla’s going to play an important role in AI and AGI, and I think I need to oversee that to make sure it’s good,” Musk was quoted as saying.
As Tesla continues to push the boundaries of electric vehicle technology, the anticipation for these new products and the full realization of self-driving technology is higher than ever. The company’s stock reacted modestly to the news, showing a slight rise in after-hours trading. However, Tesla’s future, under Musk’s leadership, certainly looks electrifying.