Tesla has admitted that the year 2022 was a disappointment for the company in all aspects. The company failed to meet its targets as well as failed badly in terms of management.
Elon Musk Lost Interest in Tesla
One of the major drawbacks for the company was the CEO of the company, Elon Musk, getting disconnected throughout the year 2022.
For an entire year, Elon Musk showed no interest in the company, which caused major problems for the largest electric vehicle manufacturing entity.
This cost tremendously to the company in the form of status and reputation in the stock market. Many investors who had become part of Tesla just because of Elon Musk.
Elon Musk had dedicated two dedicates of his life to bringing up Tesla to its top level. It even managed to become the only automobile company to have hit and crossed the $1 trillion market capitalization in 2022.
However, the year 2022 proved to be cruel to all major and minor companies from around the world.
At a time when Tesla was not doing too well against the market downtrends, the competitors, and quality-related issues, Musk was focused on Twitter.
This did not send a good message to the stakeholders and they started to move away from the company. Even the management was not able to keep the entire company together and it kept feeling pounded.
Elon Musk Made Things Worse
The investors unhappy with the entire drama involving Elon Musk and Twitter were devastated when they learned Musk was selling Tesla shares.
In the year 2022 alone, Musk sold more than $23 billion worth of shares belonging to Tesla. This was a major fallback for the company and the shareholders were not ready to take that big of a shocker.
Things Turned Positive in December
However, Elon Musk made a move by the end of 2022 when he asked Tesla teams to focus on the deliveries. He asked them not to be concerned or worried about the market drama or about all the craziness with the shares.
Instead, he asked them to be fully focused on sending out as many deliveries as possible in 2023. He stated that this way, the company would be able to meet its annual delivery target for the year 2022.
This was a positive sign for the shareholders that Musk had made a comeback to save his precious company.
Tesla is Expanding its Business
Any company facing major losses such as Tesla would have been forced to shut down most of their operations but not Tesla.
The company is determined to make a difference in 2023 as they want to achieve newer targets in the particular year.
For this year, the company is planning to expand its production capacity. The company has filed a request for opening up a factory in the state of Texas.
The company wants to open up a factory in Austin, Texas in 2023, where it plans on manufacturing more electric vehicles.
The particular regulatory and licensing department in Texas has shared the information pertaining to Tesla’s latest filing.
The report shared by the regulator shows that Tesla intends to spend $770 million that it will be using for the construction of the particular factory.
They will be using the factory for the manufacturing of the drive and cathode units. They also intend to test the battery cells in the same factor where they will be dying the vehicles.
Musk has announced that their Austin factory, alongside their Berlin, Germany-based factory would be the gigantic money furnace. They will be manufacturing many vehicles at these facilities.
In addition to manufacturing the EVs, Tesla aims to produce the Cybertrucks as well that the Tesla enthusiasts have been praying for a long time.
Since the announcement, the share prices for Tesla have jumped by 3.68%. At the time of writing, the electric vehicle company’s shares are trading at a high of $389.9.