Tesla CEO Elon Musk doubles down on 'bonehead' remark
Tesla CEO Elon Musk doubles down on 'bonehead' remark
Elon Musk has had to contend with production problems with the Model 3 car
06 May, 2018, 00:06
Even though they have received 4,50,000 reservation for Model 3 at the end of first quarter, the current production rate is 2,270 units per week which is very low and they are planning to increase it to 5000 units in next two months to keep the cash flow going.
TeslaCEOElon Musk irked investors this week by outright refusing to answer an analyst question about the company's financial future.
In a series of tweets on Friday, he claimed the two analysts he cut off "were trying to justify their Tesla short thesis".
Tesla shares were up slightly (http://www.marketwatch.com/story/elon-musk-acted-like-a-jerk-and-tesla-stock-paid-the-price-2018-05-02) in after-hours trading on Wednesday before the call began but then swung negative.
"I should have answered their questions live. It was foolish of me to ignore them", he said.
To Musk's credit, in his erratic tweetstorm that included several tweets to critics and random people on Twitter, he did acknowledge in a tweet that he shouldn't have dismissed the analysts. For one, there is concern Tesla won't be able to maintain demand for the Model 3, because of production issues that have stalled deliveries.
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Since the start of 2013, its shares are up more than 700 percent, dwarfing the gain of more than 80 per cent for the broader Standard & Poor's 500-stock index. But short sellers, who shorted almost 400,000 shares on Thursday, doubled that amount on Friday, according to financial analytics firm S3 Partners. "Prior to a planned shutdown in mid-April to further increase production, we produced more than 2,000 Model 3 vehicles for three straight weeks, and we hit 2,270 in the last of those weeks", CEO Elon Musk said in a statement.
"At this critical point, he needs to reinforce confidence, not raise a narrative of him as unstable and whose rational side is lost in space", said Schiffer, who does not hold Tesla shares.
Also see: The price of Musk cutting off analysts?
"That has an impact but it's not something that will prevent them from raising capital", Houchois said.
Speaking to CNBC about the incident on Thursday, Sacconaghi suggested that Musk's behavior was a "worrisome sign".
After offering his explanation on Twitter, Musk changed topics and tweeted instead that the next batch of the Boring Company's "Not a Flamethrower" flamethrower would be arriving just in time for the "short burn of the century".
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In the first quarter of the year, Tesla earned more money than ever before, with total revenues hitting a record of $3.4 billion. Instead, Mr Musk took questions from YouTube vlogger and journalist Galileo Russell who was listening to the call.
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