Tesla's Elon Musk defends comments during earnings call
- Author: Douglas Reid May 05, 2018,
May 05, 2018, 1:31
Musk's grand apology came after Twitter user David Brady told the 46-year-old that he should've "just blocked them in the queue" rather than shutting down the critical questions they asked of Tesla during a live conference call.
Days after the Tesla boss shocked Wall Street by completely dismissing critical questions from two analysts as "boring", Musk said on Friday it was "foolish of me" to ignore the queries.
Revealed during a heated investor's earnings call during which the firm's record £523m loss set the tone, Musk stated that Model Y production would start around 24 months from now, confirming "2020 is a more likely prospect for Model Y". "They are actually on the *opposite* side of investors", Musk tweeted on Friday. The compact SUV is likely to carry a similar $35,000 (£26,000) price tag to the Model 3 saloon.
"The number of sort of third-party contracting companies that we're using has really gotten out of control, so we're going to scrub the barnacles on that front", Musk added. The controversial driving assist feature has played both the role of scapegoat and cause of crashes involving Tesla vehicles. Spak wanted to know more about reservations for the Model 3. Fresh design cues from the Model 3 such as the flat, grille-free front end could also define the new vehicle.
Tesla posted better-than-expected first-quarter earnings and stuck with its forecast for the production of the Model 3, but the rapid buildup forced the company to spend more cash than analysts had expected. The Model 3 will be manufactured in this undisclosed new site. Yet some investors are concerned that the company will need to raise additional capital by the end of the year. So almost five months ago, weeks before Tesla pushed back its Model 3 target to 2,500 units in Q1 2018 (which it failed to meet), the street didn't even think a profit in Q3 was possible.
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The chief executive was criticised for cutting off two analysts who asked about the electric vehicle and solar panel company's cash needs and orders for its Model-3.
Investors have consistently given Musk a pass for frequent misses of lofty production targets in the past, and Ramsey said that probably won't change.
The outspoken CEO spent the following 20 minutes speaking with Galileo Russell, a retail investor and host of the YouTube channel HyperChance TV, who convinced Musk on Twitter to allow him on the call despite it being reserved for analysts, investors, and the media.
Musk's decision to pick a fight with Wall Street looks ill-timed. It was the third consecutive quarter of losses exceeding $600 million.