Musk also teased that new products are under development, which presumably could be a new car model. Wall Street analysts expect a lower-cost EV that they have dubbed the “Model 2.”
“I should also say that we have other products in development. We’re not going to announce them obviously but they’re very exciting and I think we’ll blow people’s minds when we reveal them,” Musk said.
Other areas of growth for the company include Tesla insurance, which is currently at an annual premium run rate of $300 million. “We’re growing 20% a quarter so it’s growing faster than the growth in our vehicle business,” CFO Zachary Kirkhorn said.
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