The embattled Tesla CEO clarified his remarks on the latest Tesla earnings call in a Friday morning tweetstorm, explaining why he dismissed two critical questions from analysts by calling them "boring" and "boneheaded". But the stock slide showed that Wall Street's seemingly endless patience with Musk - who is also a rocket scientist and tunnel company chief - may be growing thin.
The news that Tesla released in its earnings report was "actually super good", Musk said in another tweet.
Levy added that although Tesla management should be "more disciplined publicly", the key to the stock is whether Tesla can ramp up production of the Model 3, its mass-market electric auto. It will be a crucial step in Tesla " s second "Master Plan', which will see the company expand beyond its current line-up with a second-generation Roadster and commercial vehicle entries, inculding an all-electric pick-up and a full sized Tesla Semi truck. Fresh design cues from the Model 3 such as the flat, grille-free front end could also define the new vehicle. RBC Capital's Joseph Spak then asked about how many Model 3 reservations had been converted into orders for the electric auto. The Model 3 will be manufactured in this undisclosed new site.
Will it have the same production problems as the Model 3? Tesla told shareholders that it expects to achieve the original goal of 5,000 units per week in a couple of months. The EV maker claims it doesn't need to raise more funds for capital expenditures. The first-quarter loss hit almost $710 million with a cash burn of $745 million. Alongside the Model 3, the Model Y will be an important step on the road towards the firm becoming a true volume vehicle manufacturer. But that's no reason to hand the call over to a blogger from YouTube for a dozen questions that spanned 23 minutes, which is what Musk did.
When RBC Capital Markets analyst Joseph Spak asked Musk about Model 3 reservations, the Tesla CEO responded, "These questions are so dry". The analysts were not happy, and it was reflected in Tesla's stock price. They're killing me." He also threw tantrums at Bernstein & Co analyst Antonio Sacconaghi, who asked: "And so where specifically will you be in terms of capital requirements?
Tesla posted a net loss of $710 million on $3.41 billion in revenue for the January-March quarter.