Elon Musk has announced plans for Tesla Inc to venture into traditional advertising, marking a significant shift for the electric vehicle (EV) manufacturer that has previously relied on its CEO’s star power and customer enthusiasm. Speaking at the company’s annual meeting, Musk stated that Tesla would “try out a little advertising and see how it goes.” The news led to a 4.4% increase in Tesla shares yesterday.
The 51 year old business magnate acknowledged that Tesla is not immune to the macroeconomic pressures expected in the coming year, and the company’s price adjustments in major markets suggest that it can no longer take ever-increasing demand for granted amidst growing competition. Advertising executives and investors predict that Tesla’s advertising approach will be unique and irreverent, emphasising the company’s technological advantages.
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