In many ways, these have been tough days for Tesla. Falling sales. Squeezed profit margins. Proposed changes in US government policy that could cost the company billions.

Like many established "old-school" automakers, Swedish automaker Volvo committed in 2021 to transforming its lineup of luxury sedans, SUVs, and station wagons into electric cars. The company committed to phasing out "any car in its global portfolio with an internal combustion engine,

Musk, who also runs SpaceX and a number of other companies, has been known to make big often exaggerated promises. For example, he once called the Hyperloop, which was never built, the "fifth mode of transport" and famously promised to take Tesla private in a Twitter post, saying he had secured financing that he didn't have.