Tesla Inc CEO Elon Musk warned on Tuesday that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months, Trend reports with reference to Reuters.
At the company's annual shareholder meeting in Austin, Texas, Musk played down market rumors that he may step down as CEO of Tesla, touched upon two new mass-market models it is developing, and reaffirmed that deliveries of its long-delayed Cybertruck pickup would start this year.
In a sign of tough times even for Tesla, the market leader in electric cars, Musk said the company would try to advertise its vehicles, something it has not done before. "We'll try out a little advertising and see how it goes," said Musk, who is also CEO of Twitter.
"Tesla is not immune to the global economic environment. I expect things to be, just at a macro economic level, difficult for at least the next 12 months," said the billionaire, dressed casually in a black T-shirt and trousers.
Tesla missed its margin target in the first quarter after it aggressively cut vehicle prices in the face of a slowing economy and rising competition.