Dealers' #1 source for auto industry news, content, coaching & analysis

Key takeaways from Tesla’s 2023 shareholder meeting

Tesla's annual shareholder meeting concluded Tuesday, May 16, leaving investors with a long list of developments to watch for

Tesla’s annual shareholder meeting concluded Tuesday, May 16, leaving investors with a long list of developments to watch for in the coming months.

CEO Elon Musk took the stage to make several announcements during the event, one of which touched on the company’s long-awaited Cybertruck. The entrepreneur reiterated the brand’s commitment to start deliveries later in the year, and showcased the vehicle’s latest prototype. The Tesla chief also predicted that the Model Y would become the “Number one selling car on earth” in 2023. While many questions about the automaker’s next product exist, the shareholder meeting offered few answers, although attendees were treated to new, rendered images teasing the vehicle’s design. Although Musk said the new car was already being “built,” Tesla has yet to clarify what stage of production it has reached.

In a sudden departure from form, Musk also used the shareholder meeting to reveal that Tesla would be testing advertisements, despite his own personal misgivings. While the company is no stranger to marketing, its use of traditional automaker ad campaigns, such as those seen during this year’s Superbowl, has remained a rare sight. “We’ll try out a little advertising and see how it goes,” the CEO stated.

In an interesting exchange during the event’s Q&A session, one investor asked the CEO to address rumors he may retire from his position at the automaker, ending the query with “Say it ain’t so.” Musk dismissed the notion with “It ain’t so,” garnering applause from the shareholder meeting’s attendees. While the question and its response were framed positively, investors have increasingly challenged the entrepreneur’s leadership, with some going so far as to plead with the company’s directors to exert their authority over the executive.

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

Related Articles

Latest Articles

From our Publishing Partners