While the unprecedented UAW strike goes on against Ford Motor (NYSE:F), General Motors (NYSE:GM) and Stellantis (NYSE:STLA), even Tesla Inc (NASDAQ:TSLA) gave off a rare pessimistic tone as it reported its latest quarterly performance. Tesla CEO Elon Musk emphasized the EV king’s focus on making cars more affordable amid a challenging outlook of the global economy. Although Tesla shares rose 2.4% after hours upon the report’s release on Wednesday after market close, they sank more than 4% upon Musk’s cautionary remarks as he also revealed that the eagerly anticipated Cybertruck won’t be bringing in a significantly positive cashflow during the first 12 to 18 months once its production kicks off.

But Tesla’s gross margin fell to a more-than four-year low as it amounted to 17.9%, coming short of LSEG’s estimate of 18.25%. Tesla is now looking for ways to survive the price war it initiated with its gross margin dropping from last year’s comparable quarter when it amounted to 25.1% and from this year’s second quarter, when it amounted to 18.2%. Excluding regulatory credits, automotive gross margin dropped from 18.1% in the second quarter to 16.3% despite a roughly $2,000 per vehicle reduction in raw material costs that was achieved during the quarter. Tesla will continue working on cutting production costs to boost profits.

Musk changed his tune by saying that even the best ship is going to have a tough time amid stormy macroeconomic times, but still reiterated Tesla’s annual production target of 1.8 million cars. Musk also showed hesitancy regarding Tesla’s new plant in Mexico, showing concerns about further expansion after Tesla missing third quarter profit, revenue and gross margin estimates. With interest rates making cars unaffordable, Tesla’s aim is to make its EVs more affordable, especially in China where it is facing much more intense competition from locals.

On Wednesday, Ford announced a management reshuffle. With changes in corporate structure, Ford aims to achieve clarity and simplicity to ramp up its capabilities. Ford already announced it is at the limit of what is able to offer to the UAW that is requesting higher wages and more benefits, warning that going any further will harm its ability to invest in its business. Monday’s report from Anderson Economic Group of East Lansing, Michigan estimated that throughout October 12th, the UAW strike costed GM, Ford and Stellantis $7.7 billion in economic losses. Also yesterday, GM announced it will be delaying production of all-electric trucks at its Michigan plant by a year or until late 2025. With this itinerary change, GM aims to improve its management of capital investments. Meanwhile, Stellantis is still aiming to dethrone Ford and become the world’s largest seller of pickup trucks and vans within four years with its range of electric and hydrogen models.