Elon Musk Highlights Legacy Automakers' Slow EV Uptake, Warns Of Impending 'Kodak Moment'

Tesla Inc TSLA CEO Elon Musk on Tuesday noted the slow pace of transition to EVs by legacy automakers, noting that many are tending towards their “Kodak moment.”

What Happened: “Some companies do understand, but their pace of change is nonetheless slow,” Musk wrote on X.com. The CEO was responding to a user who said that legacy automotive companies are about to have their ‘Kodak moment.’

Eastman Kodak Company made different products for analog photography. The company started to struggle after increasing competition from Japanese Fujifilm and the transition from film to digital photography. Musk also posted a laughing emoji to a user who wrote, “WTF is Kodak?”

“It is unfortunately trending that way for many automakers,” Musk added.

However, Tesla is trying to be as helpful as possible with the transition to autonomous EVs, Musk said. “…we open source our patents, provide access to our Superchargers and have invited them to license our self-driving AI system,” he added.

Why It Matters: EVs are fast gaining popularity in the United States and the government is attempting to accelerate this with policy changes. The Environmental Protection Agency has even proposed emission rules that attempt to make EVs account for 67% of new light-duty vehicle sales by 2032. Though some automakers including Ford Motor Co and General Motors Co are attempting to accelerate EV production, they have hit several roadblocks including rising losses in the segment.

For now, EVs account for less than 10% of auto sales in the U.S. In 2022, EVs accounted for about 6% of new vehicle sales.

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