The appointment of Linda Yacarino, former president of global advertising and partnerships at NBC Universal, as CEO of Twitter will free up Elon Musk to devote more to Tesla and bring it back to life. Musk’s role will now change to executive chairman and CTO, “overseeing product, software and systems operations”.
“Bringing on Linda allows me to devote more time to Tesla, which I’ve been doing,” Musk said Saturday. Tesla’s operating income is set to drop 24 percent to $2.7 billion in Q1 2023 as the Musk-run EV maker continues to cut prices of its vehicles.
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In an earnings call with analysts, Musk said Tesla will begin deliveries of its long-delayed Cybertruck in the third quarter of 2023. The way other cars are made,” Musk said late last month.
In the first quarter, Tesla’s automotive revenue reached nearly $19.9 billion, an 18 percent year-over-year increase. Tesla ended the March quarter with free cash flow of $441 million, down 80 percent from the same period last year.
The company has drastically slashed prices of EVs in its lineup in the US and Europe in an effort to boost sales as its stock plunged more than 60 percent earlier this year. Musk indicated that prices could rise further as Tesla adjusts to the demand created by the drastic price cuts.