At Tesla's 2022 shareholder meeting on Aug. 4, Tesla CEO Elon Musk presented the company's future capital spending plans, as well as his views on the future economic outlook.

Musk said Tesla plans to increase capital spending and R&D spending over the next few years "as fast as possible without wasting it."

Tesla shareholders approved a 3:1 common stock split at its annual meeting on August 4, 2022. Final counts will be released on SEC Form 8-K within four business days. The vote increases Tesla's authorized common stock from 2 billion to 6 billion. In a statement, Tesla said attracting and retaining top talent was the primary motivation for seeking to split its common stock. Reducing the market price of its common stock through a split would give its employees "greater flexibility in managing their equity" and easier access to common stock for retail investors, which it sees as a positive development.

The company aims to reach a production rate of 2 million cars a year by the end of 2022 and 20 million cars a year by 2030, and will continue to build factories. Musk said he thinks it will require about a dozen factories, each producing 1.5 million to 2 million vehicles a year. Tesla currently has factories in California and Shanghai, with two additional factories in Austin and Berlin, Texas. Musk said Tesla could announce an additional factory this year, which he expects will eventually have 10-12 gigafactories.

In addition, Musk also mentioned that the Model Y is expected to become Tesla's best-selling model in 2023. It also said that Tesla will launch a beta version of its Full Self-Driving (FSD) software in 2022. The FSD Beta's performance in "complex left steering" is impressive.

Regarding his forecast for the global economic outlook, Musk said "commodity prices are falling, making macroeconomic forecasts is a recipe for disaster," but still estimated that "we are past peak inflation" and could see a "relatively mild recession." , for about 18 months.

But Musk also delivered some disappointing news to shareholders, reiterating that Tesla aims to produce the Cybertruck by mid-2023, but won't be able to deliver the same specs and specifications that the company initially gave when it launched the experimental pickup in 2019. price to sell it.

Investors also asked about Musk's acquisition of Twitter, and Musk said Twitter failed to provide him with enough information about the number of fake accounts on its service. Twitter believes Musk, the chief executive of electric car maker and solar company Tesla Inc, is deliberately trying to block the deal because market conditions have soured and the acquisition is no longer in his interest.

Louis Yap

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