Elon Musk’s fortune shrinks as Tesla profits tumble

No laughing matter for Tesla boss

Elon Musk’s fortune shrinks as Tesla profits tumble
Photo: Newspress

Elon Musk has seen around £7.5bn wiped off his fortune as Tesla reported profits of £1.5bn for the third quarter of 2023 – down 44 percent on a year earlier.

This is according to This is Money, which said revenues actually rose 9 percent to £19.2bn, but this was the slowest rate of growth since early 2020.

The CEO of the electric car giant and owner of X (formerly Twitter) said in a conference call with analysts: “I am worried about the high interest rate environment we’re in.”

This comes ahead of the much-publicised launch of the Tesla Cybertruck, which Musk says will take “immense work” to get production to required levels.

Deliveries of the Cybertruck should start as early as November, but Tesla has missed several deadlines for the launch of the electric pick-up. The EV has been beset with problems, including at least three breakdowns.

Musk said that Tesla “dug its own grave” with the Cybertruck, going on to add that it’s “one of those special products that comes along only once in a long while. And special products that come along once in a long while are just incredibly difficult to bring to market to reach volume, to be prosperous.”

“I do want to emphasise that there will be enormous challenges in reaching volume production with the Cybertruck and then making the Cybertruck cashflow positive — this is simply normal.

“When you’ve got a product with a lot of new technology or any brand new vehicle program, especially one that is as different and advanced as the Cybertruck, you will have problems proportionate to how many new things you’re trying to solve at scale.”

The Cybertruck is listed on Tesla Great Britain’s website as a pick-up “offering better utility than a truck with more performance than a sports car.” This refers to the 1,587kg of payload capacity, 6,350kg towing capacity, 2,832-litre load bed, and ability to hit 60mph in 2.9 seconds. It’ll offer an official 500 miles of range.

There’s no word on when UK deliveries will start, but customers can sign up for updates.

Source: This is Money

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