Tesla CEO Elon Musk addressed employees in an all-hands meeting on Mar. 20 night after the company’s stock dropped over 50% in three months, from a high of US$479.86 in December to US$240.48 on Mar. 21.

He urged employees to keep their Tesla stock, calling the situation “stormy weather” but expressing optimism about the future.

Musk reiterated his belief that Tesla vehicles will achieve full self-driving capabilities through a software update, though this has yet to be realized.

Musk also discussed plans to launch more affordable Tesla models in early 2025 but gave no details. Production of the Model Y has been paused for a redesign, contributing to lower sales and shipments in Q1.

The meeting, held at Tesla’s Austin headquarters, was a rare shift from Musk’s usual internal emails. He spoke for 30 minutes before taking questions and briefly mentioned the possibility of developing electric aircraft.

Tesla has faced growing criticism, including protests over Musk’s ties to Trump and reports of vandalism at showrooms and facilities in the US and Europe.

Despite these challenges, Musk remained confident, saying, “The future is incredibly bright and exciting, and we’re going to do things that no one has even dreamed of.”

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