Musk Warns Tesla Shareholders to Expect “Challenging” Year
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Elon Musk, the chief executive of Tesla, warned shareholders Tuesday to expect a difficult year because of an unsteady global economy and high interest rates. “This is going to be a challenging 12 months,” Mr. Musk said at Tesla’s annual shareholder meeting. He added, “Tesla is not immune to the global economic environment.” Mr. Musk’s pessimistic forecast came in an otherwise upbeat presentation to a friendly crowd at Tesla’s factory in Austin, Texas. He largely ignored criticism by activist investors on a variety of issues, including allegations of racial discrimination at its California factory , and whether the company was hostile to labor unions or its board was doing a good job overseeing management. He did, however, respond to activists by promising that Tesla would investigate whether any suppliers of cobalt, a battery raw material, were using child labor . “We will do a third-party audit,” he said, shortly after Courtney Wicks, the executive director of Investor Ad...
