Usually, the big headlines from Tesla’s annual shareholder meeting come from the company’s CEO, Elon Musk. And there were some key takeaways which we’ll touch on in a moment. That said, what struck me was a statement early on when Tesla’s Board Chair Robyn Denholm said, “By 2030, we are aiming to sell 20 million electric vehicles per year.”
Above: Tesla’s Model 3 is now the top-selling premium vehicle in the world (Source: Charged / Tesla)
That’s a lofty goal considering the company only delivered about half a million cars in 2020. Nevertheless, Tesla is growing at a frenetic pace. And it’s not just the company’s stock price that’s experienced massive growth. When Elon Musk took the stage he referred to a slide that showcased an impressive 71% compound annual growth rate (CAGR) since 4Q 2016.
Above: A look at Tesla’s CAGR (Source: Tesla)
Pointing to this growth, Musk said, “I think this might be the fastest that any large manufactured object has grown. Like – yes, certainly, one of the fastest, perhaps the fastest and it looks like we have a good chance of maintaining that [growth] into the future, really dependent on supplier challenges… but I feel confident of being able to maintain something like this, at least above 50% for quite a while.”
Above: In just four years, Tesla has pulled ahead of Mercedes, BMW, and Audi to take the crown (Source: Tesla)
Indeed, the future looks bright. Musk said, “The Model 3 became the best-selling premium vehicle globally.” Even more impressively, Musk forecasts, “We think the Model Y will be the best selling vehicle of any kind globally. So I think it will exceed the Model 3. I think we’ve got a good chance of it being the best-selling vehicle by revenue next year and then I think quite likely to be the best-selling vehicle in just – of any kind, numerically in 2023.”
Above: Musk forecasts Model Y to be best-selling vehicle of any kind globally once production ramps in Austin and Berlin (Source: Tesla)
After Model Y gets up-and-running at Tesla’s new factories in Austin and Berlin, the company plans to launch the Cybertruck (along with its super-safe ATV), Semi, and Roadster. He also teased the possibility of a Tesla van this decade and promised more growth in the solar and stationary battery storage business divisions as well.
Above: Tesla fanboys will soon be clamoring for this belt buckle (Source: Tesla)
The big news: Don’t Mess with Tesla! Why? They’re changing their headquarters to Texas. Musk explained, “I’m excited to announce that we’re moving our headquarters to Austin… our factory’s like 5 minutes from the airport, 15 minutes from downtown. And we’re going to create an ecological paradise… out on the Colorado River, it’s going to be great.”
Source: Tesla; Videos: CNET Highlights via Tesla
Leave a Reply