Elon Musk apologizes for ignoring analyst questions in classic fashion
06 May, 2018, 00:05 | Author: Kathy Ellis
TeslaCEOElon 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 Teslavehicle 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.
"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 saysTesla 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.
It sought information on Facebook to build psychological profiles on a large portion of the U.S. electorate, media reports said. Wednesday's news release announcing the decision lists only Cambridge Analytica and SCL Elections, not the parent company.
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They were members of the regional tactical team, and included five from East Haven, three from North Haven, and one from Branford. At the scene, police found that the suspect had barricaded his home, where he held his wife for the last few days.
The company stood by a previously announced target of building 5,000 Model 3s per week by the end of June. On average, 20 analysts polled by Thomson Reuters expected loss of USD3.48 per share for the quarter.
But it also does require foreign companies to provide key details about their technologies to Chinese partners. The official China Daily said in an editorial China would "stand up to the U.S.' bullying as necessary".
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