What coronavirus: Elon Musk says demand for Tesla stayed strong despite pandemic

Tesla Inc Chief Executive Elon Musk said in a podcast released on Friday that demand for the company's electric vehicles remained strong throughout the coronavirus pandemic, with consumers preferring to shop online.

File photo - A couple looks at a Tesla dealership in Hanam, South Korea. (REUTERS)
File photo - A couple looks at a Tesla dealership in Hanam, South Korea.

Musk, talking to Automotive News' Daily Drive podcast, said having a traditional dealer network - something he considered in the past - appears increasingly unnecessary.

"We saw strong orders through the whole pandemic, we still had a good order volume," Musk said. "I guess people are less inclined to want to go to a dealership, do the test drive and hang out in the lobby and that kind of thing."

Also Read : Tesla on hiring spree as Elon Musk suggests plans of increasing headcount

Asked about a 2020 meteoric stock rally that has pushed Tesla shares up more than 240% from the start of the year and made the company the world's most highly-valued carmaker, Musk said the market would eventually sort itself out. He added that as long as Tesla made great cars, investors would be happy.

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In a May 1 tweet, Musk said Tesla's share price was "too high," at a time when shares where trading at around $700 - roughly half of where they are now. Shares on Friday were down 2.2% at $1,454.

In the podcast interview, Musk also praised the Chinese work ethic and criticized US attitudes.

"China rocks in my opinion," Musk said. "There are a lot of smart, hard-working people and ... they're not entitled, they're not complacent, whereas I see in the United States increasingly much more complacency and entitlement."

Tesla has built a factory in Shanghai and seen a sharp increase in Chinese demand for its Model 3 sedans. The company recently has also launched a hiring spree in Shanghai as it ramps up production and prepares to manufacture its new Model Y sport utility vehicle at the plant.

First Published Date: 01 Aug 2020, 08:19 AM IST
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