Elon Musk apologizes for ignoring analyst questions in classic fashion

06 May, 2018, 00:05 | Author: Kathy Ellis
  • Elon Musk isn't backing down despite weird remarks in Tesla call

Tesla CEO Elon Musk defended himself Friday amid criticism for frustration he showed this week in a conference call with analysts.

When talking about making a new platform for Model Y, Musk previously said that Tesla will get rid of the 12-volt battery architecture. "That's our focus right now".

Tesla tore through $745.3 million in cash in the quarter, due largely to the slow production ramp-up of the Model 3 mass-market electric sedan.

Another analyst then tried to ask about orders for the Model 3, the mass-market Tesla vehicle seen as crucial to the company's future.

"We're going to YouTube", the CEO said, turning to questions from users of the video sharing site.

Tesla stock did rise a bit on Friday, getting a 3.82 percent bump to $295.31 per share at the time of publishing. Nevertheless, the investors were more concerned about the vehicle Model 3's progress, cash burn rate and margins.

Finally, Musk promised those betting against Tesla would have regrets. That's also the level needed for Tesla to make money. When asked if Tesla might need an infusion of capital, Musk responded: "Excuse me".

His reply was was in response to a question about a Reuters report from April that said Tesla is looking to start production of the Model Y in November 2019 at the company's vehicle plant in Fremont, California.

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"This is primarily based on our ability to reach Model 3 production volume of 5,000 units per week", the company stated.

Wall Street analysts are closely following Tesla's progress as the company works to resolve Model 3 production delays. The company lost $784.6 million on revenue of $3.41 billion in the first quarter.

The California company is still struggling to ramp up the Model 3 production, for which it has received almost 500,000 pre-orders.

Musk said the restructuring would involve getting rid of third-party contractors that have grown out of control.

"We're going to YouTube".

The magazine says Tesla may replace the door mirrors with cameras and "internally mounted displays" to give drivers a rear-facing view.

"We've also found that there are some things that are very well suited to manual operation and some things that are very well suited to automated operation, and the two should not be confused", Musk said in reference to automation.

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