Tesla shares fell more than 7% after the firm issued a record $710m loss and its founder, Elon Musk, dismissed analysts at wall street for the question “boring dunce” and “dry” questions about the financial health of the company.
The California company burned through more than $ 745m in cash, as it again missed production goals for its model 3, which was billed as the first affordable electric car.
Appeared musk without loss, tweeting “La La La”, and links to media reports results for the first three months of the year, and his behavior during the strange results call with analysts prompted investors to turn away from Tesla.
Stock prices fell on Wednesday at 5% and slid on Thursday, wiping more than $3.4 billion from the value of the company.
During the conversation, chief financial officer of the company stated that Tesla was “best in class” for musk to correct him, saying that the firm was simply the best. “Best in class”, he said.
After half an hour of questioning on the company’s prospects until the end of the year, as well as measures to increase production at the Tesla factory Fremont, there was a musk to lose patience.
“Next, next. Boring dunce questions is not cool. In the following,” he said, cutting off one question.
He then asked what percentage of customers prefer to personally customize the model 3, the indicator of potential future revenues, as the car is 35,000 $(£27,800) the Starting price can rise to $50,000 with options.
Instead, musk said, “we’re going to go on YouTube. Unfortunately, these questions are so dry, they kill me.”
He then answered numerous questions HyperChange YouTube channel, whose owner said he was shocked to get the call. Musk continued to answer questions from Itubera for a ride-sharing Platform Tesla, self-driving cars and charging network.
Losses deepened from $675м in the last quarter of 2017 to $710 million in the first quarter of this year, but the company brought in more revenue than expected. Revenue increased by 26% compared with the previous year to a record $3.4 billion, according to analysts 3.28 billion.
However, Tesla was, there were problems with the production of the model 3 and rlast month short-term to close its factory Fremont. He made 9,766 funds during the quarter, missing its goal of 10,000.
More than 2000 every week in April, and the company insisted that it was on track to hit the goal of 5000 people per week until the end of June.
Musk said, “our focus is on model 3. We must do what above 5,000 a week for a good margin. We need to become a profitable company.” Tesla said it was likely to be profitable in the third quarter of 2018, so as to increase Assembly line production.