Elon Musk has announced a major new objective for Tesla, challenging the company to reach unprecedented production and performance levels in the coming years. The Tesla CEO said that electric vehicle manufacturer plans to double its electric vehicle production in the US within two years.
“In support of the policies of President Donald Trump and to demonstrate our confidence in the future of the United States, Tesla commits to doubling vehicle production in the US within 2 years!” Musk declared on his social media platform X.
US President Donald Trump buys Tesla Model S Plaid
This ambitious commitment follows a public display of support from US President Trump, who recently purchased a new Tesla electric vehicle. The president was photographed alongside Musk, viewing a red Tesla at the White House south portico.
“I said, ‘you know, Elon, I don’t like what’s happening to you, and Tesla’s a great company,'” Trump told reporters while standing with Musk.
“He has never asked me for a thing, and he’s built this great company, and he shouldn’t be penalised because he’s a patriot,” the President added.
On Cybertruck, Trump said, “Look! I think I have a great imagination. Who else but this guy would design this? And everybody on the road is looking at it. It’s amazing actually. That is the coolest design.”
Tesla’s stock decline
This product endorsement by a sitting president comes at a challenging time for Tesla, whose shares have plummeted amid market concerns related to Trump’s tariff policies.
Tesla’s stock dropped dramatically, falling nearly 50% over three months. The company’s market capitalisation has decreased 45% since reaching an all-time high of $1.5 trillion on December 17.
