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Tesla shareholders approve 3-for-1 stock split, Musk teases Cybertruck

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Yahoo Finance's Pras Subramanian highlights the main takeaways from Tesla's annual shareholder meeting.

Video Transcript

ALEXIS CHRISTOFOROUS: Well, it wouldn't be Musk if he wasn't doing 15 things at once. So yesterday also, we had the shareholders meeting. And Pras, there, they got the split approved, but there were some other headlines that came out of that shareholder meeting as well.

PRAS SUBRAMANIAN: Yeah, that's right, Julie. They passed that three-for-one stocks. But also elected two board-- reelected two board members. But yeah, a lot of it was Musk commentary. And a number of things riffing on production, inflation, and also the Cybertruck want to hit a couple of these things here.

So on production, he said that Tesla passed the three million market in terms of cars produced overall. A pretty big market as 10 years ago, they're only making the Roadster. He says that in the next 10 years, he sees 100 million cars being produced. And that he ideally see that the company will have 12 factories around the world. And hopefully, he did say that the next step he might be in North America, and teased Canada as the next location.

On inflation, he elaborated more on what he had said last week about how he saw prices actually coming down. He says that the car makers has a lot of visibility and pricing for components and things like that. Says the US is likely past peak inflation. And then he said-- broader, he said that the US might be in for a relatively mild recession is what he says. But he says that take these with a grain of salt, because economic prognostications are always fraught with disaster.

Lastly, the Cybertruck, probably one of the most highly anticipated cars that Tesla has ever made. He says that they're on track for 2023 production, midway through the year. But the specs and pricing likely to change. He apologized for that but he said three years ago when the car was introduced, the world is a different place, inflation wasn't necessarily around. So he says that-- and he called it a bit of bad news, but he said that this car-- this truck is still on track for 2023.

BRIAN SOZZI: Pras, this thing is going to be priced at the same price as that new GMC Electric Hummer. Let's get real. The huge production cost to make this happen, but something we will continue to monitor. Alexis, Pras, thanks so much.