Austin, Texas – Tesla CEO Elon Musk rallied his employees at a surprise meeting in Texas, aiming to boost morale as the company faces a decline in its public reputation and a drop in stock value. During the livestreamed meeting, Musk urged employees to hold on to their stock, which has decreased by 50 percent since December, and shared plans for the future of Tesla, including the development of the Cybercab robotaxi and Optimus humanoid robot.
Musk reassured the attendees that despite the recent stock drop, Tesla’s autonomous software for Full Self-Driving feature, robotaxis, and Optimus bots would ultimately increase the company’s value significantly. He expressed confidence in their ability to produce around 5,000 Optimus robots this year and projected the production of even more in the following year.
Regarding the Cybercab, Musk mentioned a revolutionary manufacturing process that could build a robotaxi in under five seconds using a high-speed consumer electronics line. While this process resembles the gigacasting method previously pursued by the company, Musk emphasized the need for a large casting machine to facilitate production. The Cybercab was first unveiled at Tesla’s “We, Robot” event last year, with Musk outlining a vision for consumers to purchase one for $30,000 by 2026.
Traditionally held during the day, the timing of the all-hands-on meeting seemed to reflect the mounting pressure Musk faces from ongoing protests and concerned analysts, such as Dan Ives from Wedbush. Despite the heavy workload across his various ventures, including SpaceX and The Boring Company, Musk acknowledged the challenges of juggling multiple responsibilities during the meeting.
Increased scrutiny surrounding Musk’s involvement in political matters, particularly his role in the Department of Government Efficiency (DOGE) and criticisms about his impact on institutions like the FTC and USAID, were not addressed by employees during the meeting’s Q and A session. Musk’s engagement in cutting government spending has been met with mixed reactions, with some questioning the impact on essential services.
Overall, Musk’s address to Tesla employees highlighted the company’s ambitious plans for automation and innovation, despite facing challenges in the market and ongoing public scrutiny. The meeting served as an opportunity for Musk to rally his team and reinforce confidence in Tesla’s vision for the future.