May 14, 2023
1 min read

New Twitter CEO will allow me to focus on Tesla: Musk

Tesla’s operating income decreased 24 per cent to $2.7 billion in Q1 2023 as the Musk-run EV maker continues to cut prices of its vehicles…reports Asian Lite News

The appointment of Linda Yaccarino, former Chairman of Global Advertising and Partnerships at NBC Universal, as Twitter CEO will free Elon Musk to devote more to Tesla and bring it back on course.

Musk’s role will now transition to being executive chair and CTO, “overseeing product, software and system operations.”

“Bringing on Linda allows me to devote more time to Tesla, which is exactly what I will be doing,” Musk said on Saturday.

Tesla’s operating income decreased 24 per cent to $2.7 billion in Q1 2023 as the Musk-run EV maker continues to cut prices of its vehicles.

In an earnings call with analysts, Musk said that Tesla will start delivering its long-delayed Cybertruck in the third quarter of 2023.

“It takes time to get the manufacturing line going, and this is really a very radical product. It’s not made in the way that other cars are made,” Musk said late last month.

In the first quarter, Tesla’s automotive revenue reached about $19.9 billion, an 18 per cent increase YoY. Tesla ended the March quarter with free cash flow of $441 million, down 80 per cent from the same period last year.

The company has drastically lowered the prices of EVs across its lineup in the US and Europe, in an effort to boost sales as its stock plummeted more than 60 per cent earlier this year.

Musk had hinted that more price increases may be on the way as Tesla adjusts to the demand created by the massive price cuts.

ALSO READ-A woman will head Twitter: Musk

Previous Story

Google with Taito working on AR Space Invaders game

Next Story

Germany announces €2.7 bn in new military aid to Ukraine

Latest from USA

Pakistan reverses support for Trump’s Gaza peace plan

Pakistan retracts support for Trump’s Gaza peace plan, citing differences with Muslim nations’ draft; move reflects domestic sensitivities and regional alignment amid ongoing Middle East conflict diplomacy. In a surprising shift, Pakistan’s

Hamas agrees to release all hostages

Hamas agrees to release all Israeli hostages under Trump’s 20-point Gaza peace plan, backed by global powers and the UN, paving the way for regional stability. Hamas has formally agreed to release

Qatar now under US shield

Trump offers Qatar an unprecedented security guarantee, pledging US military protection amid Israeli strike and Gaza peace negotiations, reinforcing Qatar’s role in regional diplomacy. In an extraordinary move, the United States has

Abu Dhabi Chamber seals US deals

The Abu Dhabi Chamber of Commerce and Industry has taken significant steps to expand its international presence, signing two cooperation agreements with the North Carolina Chamber of Commerce and the Texas Association
Go toTop

Don't Miss

Rs 20L for Tesla: Musk’s India EV factory plan gathers pace

It was a change of plans for the mercurial Musk

Starship Launch Pad in ‘Great Condition’ After Successful Test Flight

The launch of Starship has also again triggered an investigation