Tesla Loss Doubles In First Quarter But Results Beat Consensus
Tesla Loss Doubles In First Quarter But Results Beat Consensus
Elon Musk: 'Dry' Investor Questions 'Killing' Him
03 May, 2018, 17:31
"The truth is you're not a real company until you are, frankly". But shareholders can be fickle, and they clearly didn't think much of Musk calling an analyst a "boring bonehead" in a conference call, saying the "dry" questions were "killing" him.
Eccentric electric vehicle innovator Elon Musk sent shares in Tesla down 5 percent - $2 billion according to Thompson Reuters - after a staggering outburst at questions over its cash flow problems and the production of its game-changing Model 3 auto.
The often-colourful Musk unveiled what he portrayed as Tesla's first mass-market vehicle more than two years ago but has pushed back manufacturing targets several times. "But it all depends on Tesla achieving its production goal of 5,000 (Model 3) cars weekly". Excluding one-time items, Tesla lost $3.35 a share, while Wall Street analysts had forecast Tesla to lose $3.58 a share, on $3.22 billion in revenue.
Tesla has one factory in Fremont, Calif., which hits production levels of 4,000 per week, and a battery plant outside of Reno, Nev.
Due to change in Tesla's accounting, its year-over-year and quarterly numbers such as automotive revenues and gross profit margins won't be compared directly, so the company will have to record some lease transactions as sales in its ledger, including all the revenue, income and costs for every single lease simultaneously, and not in terms of monthly increments spread over the total term of the lease.
Among the questions Mr Russell asked Mr Musk was whether a Reuters article stating that the Model Y would start production in November 2019 was true.
The California-based firm said that it made "significant progress" in ramping up production Model 3 vehicles considered key to its success in the mass market.
In the course of the conversation, Musk repeated his complaints about reports focusing on fatalities involving Tesla cars. That would put Tesla right in the center of car heaven, the world's largest auto market, and one with a huge appetite for electric vehicles.
Shares dropped more than 7 percent in premarket trading. "The charging infrastructure you guys have built would take years and millions of dollars for another brand to replicate, so I'm just curious about the strategic thinking behind opening that up versus keeping it closed". However, the stock slid in after-hours activity when the company's first-quarter earnings were published. During Tesla'sQ3 2017 earnings call last November, Musk stated that having a factory in China is "really the only way to make cars affordable" in the country.
The Model 3 is the most important piece of Tesla's plan to become a mainstream automaker. Tesla said reservations "remained stable" through the first quarter.
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