Forced by competitors? Musk reveals Tesla will try to spend money on advertising

Musk says Tesla will start spending on advertising due to competition

【PhoneAuto News】Recently, PhoneAuto noticed that Tesla CEO Musk revealed that Tesla will try advertising. This is an unusual decision because since its inception, Tesla has always been a very special company that advocates attracting consumers with the quality and performance of its products, relying on spontaneous word-of-mouth marketing by consumer groups to boost car sales, rather than relying on advertising.

Tesla CEO Musk

Musk stated that Tesla is currently facing quite a few challenges, especially the ongoing semiconductor shortage problem worldwide, which has caused many obstacles for Tesla’s car production and delivery work. At the same time, Tesla’s position in the electric car market is also affected by a large number of competitors, requiring Tesla to continuously improve its product quality and service level.

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Currently, Musk seems to believe that brand awareness is equally important, especially in the current increasingly competitive electric car market. Musk believes that through a more proactive marketing strategy, Tesla can better attract potential customers and further consolidate its position in the global car market. So far, although there are more and more competitors, there are few companies that can truly shake Tesla’s position. Tesla is still the electric car manufacturer with the highest sales and profits worldwide.

According to official financial data, Tesla’s revenue in 2022 was $81.5 billion, a significant increase from $53.8 billion in 2021. Among them, Tesla’s car business is its main sector, with revenue of $71.5 billion in 2022, accounting for about 88% of the company’s total revenue. In comparison, this number was $47.2 billion in 2021.

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