Tesla Inc has had only two profitable quarters in its almost eight years as a public company.
Tesla claims that it has largely overcome production bottlenecks, with Musk vowing a dramatic turnaround that would reverse losses and generate positive cash flow in just a few months.
But Musk rattled investors during a fractious earnings call yesterday to discuss the results, cutting analysts short and expressing exasperation with "bonehead" questions. "Next", said Musk in response to a question on capital requirement. Musk then shut down another analyst for asking what he determined silly and "dry" questions. "I'm not here to convince you to buy our stock".
Elon Musk has revealed that production of Tesla's Model Y won't start until 2020 - a year later than had been expected. But some analysts have warned the firm faces a major cashflow crisis before the end of the year that may necessitate another round of fund-raising if it fails to tackle well-documented production issues.
The Model 3's price point - thousands of dollars cheaper than Tesla's other two vehicle models -revolves around it being relatively simple to mass produce. Visit MarketWatch.com for more information on this news.
"It looks like Elon's all-nighters at the factory are paying off, because Tesla seems to be finally getting some momentum", Jessica Caldwell, executive director of industry analysis at Edmunds, said in a statement Wednesday.
"He reiterated that he's not going to raise cash".
The company's investors have profoundly taken an optimistic view of Tesla's business models; in the sense that every established goal stands to be achieved.
Another exchange between Musk and HyperChange analyst Galileo Russell dismissed comments from Daimler questioning whether Tesla could deliver on specs for its Semi electric truck.
We'll update this page when we know more about the Tesla Model Y.
Tesla said it produced 2,270 Model 3s per week in the last week of April. The company had about $2.7 billion on hand at the end of March and has blazed through about $3.9 billion during the preceding year. After the halt, however, Tesla exhibited a boost in production, ultimately hitting a pace of 2,020 Model 3 per week during the final week of the first quarter.
Tesla (TSLA) reported revenue of $3.41 billion for its 2018 Q1 earnings. Analysts had expected a loss of $3.58 per share, according to Thomson Reuters.
During the quarter the company burned cash at a rate of $57 million per week. The Tesla boss also conceded he still hadn't decided where production of the vehicle would begin, again disputing Reuters claims that it would be at the company's plant in Fremont, California.