Elon Musk admits that it will be a challenging year for Tesla. Despite the accumulated issues faced by the company, Musk has no intention of stepping down as CEO.

Tesla’s annual shareholders meeting was held on Tuesday in Texas, and the global economy naturally topped the agenda, as reported by WSJ.

“Tesla is not immune to the global economic environment,” stated Elon Musk during the meeting.

He further mentioned that 2023 will be a tough year for the company, as rising interest rates heavily impact potential customers who, in many cases, refrain from buying cars.

Elon Musk on Tesla

Handing over the CEO role on Twitter

Musk has expressed his desire to dedicate more time to Tesla in the future, including handing over the CEO role for Twitter to Linda Yaccarino.

And it will be necessary, as Tesla is facing an uphill battle. The company has lost half of its market value since August last year, and price reductions have led to a 25% decrease in profits during the first quarter. Going forward, Tesla will likely have to adjust to the fact that profits will decrease if the company wants to continue growing.

New products on the horizon according to Elon Musk Musk

When asked by an investor during the latest shareholders meeting if he plans to hand over the CEO role at Tesla as well, stated that he has no such plans. Instead, he continues to hint to investors about upcoming new models from Tesla, specifically two new products.

Without revealing too much, Musk stated that the two models combined will amount to over five million units per year.

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