Tesla CEO Elon Musk, dubbed the “Renaissance man” and “inventor of our age” by fund manager Cathie Wood, lamented the lack of innovative drive among companies on Monday.
What Happened: “There are so few innovative products. Almost everything is just a boring copy of the past with slight variances,” Musk stated in a post on X, a social media platform he owns.
His remarks came in response to a post by a Tesla influencer praising the Cybertruck as the most exciting product currently available. The Cybertruck, an all-electric pickup truck, was commercially launched by Tesla in November last year.
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Why It’s Important: While there may not be a lack of innovation per se, notable advancements like OpenAI’s ChatGPT are spearheading the AI revolution that is expected to reshape companies and economies in the years ahead.
However, economic uncertainty has left companies cautious, leading to reduced spending on research and development, which could be stifling innovation.
Boston Consulting Group’s list of the most innovative companies of 2023 ranked Apple at the top, followed by Tesla, Amazon, Alphabet, Microsoft, and Moderna. Musk previously commented on Tesla’s inclusion in the list despite not being a BCG client.
Apple’s innovative appeal has diminished over the years, with none of its recent products or iterations considered radically different by users.
Despite the Cybertruck’s distinct design and the hype surrounding its launch, its uptake has been underwhelming, and production ramp-up has been slow. Consequently, investors have shifted their focus away from the vehicle, pinning their hopes on the sub-$30,000 EV the company is currently developing.
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