Back in April, Tesla had announced that it had failed to meet its Q1 production and delivery targets for its Model 3, which was an electric sedan priced at a floor price of $35,000.
Tesla (NASDAQ:TSLA) issued its quarterly earnings results on Tuesday.
"These questions are so dry, they're killing me", he said.
The stock drop may have become apparent around the time when Musk cut off analysts on the call.
Instead, he went to a YouTube channel operator and retail investor named Gali Russell, who asked a series of questions about Tesla's plan to phase in fully autonomous driving.
Musk's ability to run Tesla is crucial as the company strives to efficiently and profitably build its first vehicle meant to be produced at high volume, the Model 3.
Musk has also admitted that his electric vehicle-making company has been too reliant on robots for production and the human workforce is underrated. The firm had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.30 billion.
Investing.com analyst Clement Thibault said the reduction was noteworthy, "but in the long run given challenges that lay ahead of Tesla, I don't think it is going to make or break the company". "It's really incredibly irresponsible of any journalist with integrity to write an article that would lead people to believe that Tesla autonomy is less safe, because people might actually turn it off, and then die", he said.
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Tesla burned through $700 million in cash last quarter. The result was also worse than analysts' average estimate for cash burn of about $978 million.
Tesla has predicted high sales and strong cash flow in the third quarter.
SpaceX founder Elon Musk speaks at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, Feb. 6, 2018.
It also expects full profitability in those quarters under generally accepted accounting principles.
"We made significant progress on the Model 3 ramp in the second half of Q1, and the momentum continued into early Q2".
Musk eventually returned to analysts' questions, touching on such subjects as ride-hailing services (which he said could begin "as soon as the end of next year"), plans for factory expansion (including the fact that every Gigafactory added from now on would build cars as well as batteries) and the Tesla Semi (a project that Musk said was currently getting a lower priority due to the focus on the Model 3). It said net reservations for the Model 3, including configured orders not yet delivered, exceeded 450,000 at the end of the first quarter. During the same quarter in the prior year, the company posted ($1.33) EPS. At the end of last quarter, it estimated Tesla was making about 1,000 a week, a big jump from the fourth quarter but less than half the 2,500 a week target that Tesla hoped to hit by the end of 2017. UBS upped their price target on Tesla to $365.00 and gave the stock a "hold" rating in a research report on Thursday, February 8th.
Elon Musk's company is continuing to haemorrhage cash at an alarming rate, reporting overall losses of $784.6 million or $4.19 per share in the first part of the year, despite posting a record revenue of $3.4 billion.
To this end, increasing the number of shifts and employees and overtime costs have to be borne by the company simultaneously while it is set to introduce fresh vehicle models such as a new Roadster, Model Y, and an all-electric semi truck.
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