Tesla laid off more than 10 percent of its workforce this month and Musk said the move was necessary for the company's "next phase of growth."
"EV adoption rates are under pressure globally and many other auto makers are pulling back on EVs and adopting plug-in hybrids instead," Musk told analysts on the earnings call.
"We believe this is not the right strategy. And electric vehicles will eventually dominate the market," the billionaire said.
In a shareholder note, Tesla said it is focused on leveraging its existing manufacturing footprint to introduce new and more affordable products.
The company said it has "updated the future vehicle line-up to accelerate the launch of new models ahead of our previously reported production start in the second half of 2025".
Musk said the company will demonstrate its purpose-built robotaxi, or cybercab, in August.
“With regard to AI computing, over the past few months, we have been actively working on expanding Tesla's core AI infrastructure. For a while there, we were hindering our progress,'' he told analysts.
"EV adoption rates are under pressure globally and many other auto makers are pulling back on EVs and adopting plug-in hybrids instead," Musk told analysts on the earnings call.
"We believe this is not the right strategy. And electric vehicles will eventually dominate the market," the billionaire said.
In a shareholder note, Tesla said it is focused on leveraging its existing manufacturing footprint to introduce new and more affordable products.
The company said it has "updated the future vehicle line-up to accelerate the launch of new models ahead of our previously reported production start in the second half of 2025".
Musk said the company will demonstrate its purpose-built robotaxi, or cybercab, in August.
“With regard to AI computing, over the past few months, we have been actively working on expanding Tesla's core AI infrastructure. For a while there, we were hindering our progress,'' he told analysts.