During a conference call that followed the earnings release, Musk highlighted the negative impact of high interest rates on consumer confidence, suggesting that this played a role in the challenges faced by Tesla. Tesla, known for its electric vehicles, reported its first quarterly decline in sales for the year, delivering 435,059 vehicles. Additionally, the company experienced a drop in margins to their lowest point in over four years, as Tesla had to repeatedly reduce the prices of its cars.

Despite these challenges, Elon Musk's overall wealth has still increased by more than $70 billion (R1.33 trillion) in 2023, thanks to a rebound in Tesla's stock price, even as the company's fundamentals deteriorated. After briefly being surpassed by Bernard Arnault of LVMH, Elon Musk has reclaimed his position as the world's wealthiest individual, maintaining a substantial lead.

Despite the difficulties faced, Tesla remains the most valuable vehicle manufacturer globally and has committed to delivering its long-awaited Cybertrucks, albeit with a delay of about two years, with the first shipments scheduled for November. The company has also expressed its commitment to delivering 1.8 million new vehicles to customers by the end of the year.