Musk struck a cautious tone about Tesla's prospects, expressing fears about the wider economy
Musk struck a cautious tone about Tesla’s prospects, expressing fears about the wider economycar company would put the “pedal to the metal” and drive through any recession, has admitted that he is now worried that customers might not actually to be able to afford his electric cars despite slashing prices.
“People hesitate to buy a new car if there’s uncertainty in the economy,” Musk told analysts. Higher financing costs due to rising interest rates designed to curb inflation were, in some cases, almost entirely offsetting Tesla’s price reductions to entice motorists away from petrol and diesel alternatives.
The entrepreneur said Tesla were holding back on plans to open a new car plant in Mexico, adding he would “accelerate” expansion of the Mexico factory if interest rates come down. “I don’t want to be going into top speed into uncertainty,” he said. “It is not possible to have a compound growth rate of 50 per cent for ever or you will exceed the mass of the known universe,” Mr Musk said.was expected to be Tesla’s first new passenger model. More than one million people have reserved a vehicle the company say. Musk said Tesla expects to eventually produce 250,000 Cybertrucks a year, but not until 2025 at the earliest.
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