September 25, 2022

Wire Service Canada

Complete Canadian News World

Tesla hits Wall Street, Mask bets on robots

Record earnings for 2021 are not enough for Tesla. And on Wall Street, the electric car giant’s shares closed down 12%, incinerating 109 billion of its market value in one session. What bothers investors is the fact that Tesla won’t release any new models this year, and will instead focus on the “Tesla Bot,” the robot Elon Musk is betting on. During the conference call that followed the presentation of the quarterly version, Musk explained that Optimus, the codename for the robot, is the “most important product” Tesla has developed this year because it has the potential to revolutionize the economy. Right now, he said, Optimus is more important than a new Tesla car model or any other vehicle because over time it can become “more important than the car business.” Words that, according to analysts, only serve to divert attention from a larger problem, the bottlenecks in supply chains that – as Tesla warned – will affect production in 2022.

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