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Tesla's Model Y Set for a New Factory and 'manufacturing revolution'

06 May 2018

Amidst the firestorm of criticism from various media outlets followed by a steep dive of Tesla stock (NASDAQ:TSLA), Elon Musk has gone on Twitter to explain what exactly happened during the recently-held and now-controversial Q1 2018 earnings call. "It was foolish of me to ignore them", Musk tweeted.

Short-sellers who had targeted Tesla Inc logged a $700 million paper profit on Thursday following the fall of the stock nearly 9 percent a day after CEO Elon Musk stunned experts by dodging "boring" questions regarding the automaker's financial outlook. Sorry. These questions are so dry.

Elon Musk has admitted it was "foolish" to ignore analyst questions on Tesla's financial results call this week, though insists he had good reason to shut down the "boneheaded" comments.

"I should have answered their questions live".

"Nobody's buying a semi truck because of the way it looks", Musk said in response to a lawsuit from Nikola, claiming Tesla stole designs for its electric semi truck.

Tesla shares are up 1.1% in Friday trading but off 3.3% over the past 12 months, while the S&P 500 has gained 10%.

The news that Tesla released in its earnings report was "actually super good", Musk said in another tweet.

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The gaffe could be especially painful as Tesla might need to jump back into the capital markets to subsidize Model 3 production. Not all long shares are in stock-lending programs, and given the high short interest at the moment, that leaves just 6.5 million shares for expanded short positions.

Jefferies analyst Philippe Houchois said the underlying business fundamentals were more important in any capital raise, although "management credibility" was also a factor.

In the call, Musk devoted 23 minutes in taking questions from a 25-year-old Tesla investor, Galileo Russell, who owns an YouTube investment channel called HyperChange TV.

Elon Musk's derisive dismissal of analysts' questions is proving expensive. Tesla aims to boost production quickly from 2,270 Model 3 sedans per week in April to 5,000 by the end of June.

A "vast majority" of the company's manufacturing process is already automated, but Musk seems to be planning to take it to a whole new level.

"Reason [the other] question about Model 3 demand is absurd is that Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms", he continued.

Tesla's Model Y Set for a New Factory and 'manufacturing revolution'