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Tesla CEO Elon Musk says that company won’t release any new models this year

Tesla CEO Elon Musk says that company won’t release any new models this year

Tesla who is currently beating Intel in terms of their EPS, highlighted in the fourth-quarter earnings call that they will not be producing the $25,000 car and will not launch any new model in the following year.

He said in his earning’s call Wednesday that the international shortage of microchips for electric cars has made it impossible for manufacturing and launching any new model which will ultimately reduce the deliveries of new model cars.

“If we had introduced, say a new car last year, we would — total vehicle output would have been the same because of the constraints — the chips’ constraints particularly.” He continued, “So, we will not be introducing new vehicle levels this year. It would not make any sense.”

With this decision of not delivering Cybertruck this year, Tesla is ceding the market to Ford, who is all set to deliver the fully modern electric F-150 lightning pickup trucks in the first half.

Additionally, Ford has also announced that they will triple the manufacturing of Mustang Mach-E, a look-alike Tesla Model Y and 3. It will also be expected to suppress the count of 200,000 by 2023.

GM, another Tesla competitor, rolled out to its customers the GMC Hummer EV in December 2021. General Motors is fully equipped with an electronic truck to incorporate Ultium platform, batteries, and motors which GM planned to produce in house and will be using the same for upcoming vehicles.

In response to a lower-priced Tesla inquiry for the mainstream fans. Musk told the press that the project has not been launched and is currently not in the way.

“We’re not currently working on the $25,000 car,” Musk said. ” At some point, we will. We have enough on our plate right now. Too much on our plate, frankly.”

Musk continuously proposed positively that the $25,000 vehicle is possible. In 2018, he announced that it would take almost 3 years to hit the road, although the timeline was not given. The pattern of commitment was the same in 2020’s Tesla’s shareholder’s meeting that the company would release its new vehicles in the next three years.

Musk has been notorious for being overwhelmingly optimistic about his production. He said in 2020, “About three years from now, we’re confident we can make a very compelling $25,000 electric vehicle that’s also fully autonomous.”

Bernstein Senior Analyst Toni M. Sacconaghi Jr. followed up, asking, “If there is no $25,000 vehicle being worked on, is it really realistic to think that you can sell more than 3 million vehicles with 2 very high volume cars and Cybertruck in 2024?”

“I mean, it is apparent from the questions that the gravity of Full Self Driving is not fully appreciated,” Musk responded.

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