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Musk Predicts “Record Quarter on Every Level” for Tesla
CEO Elon Musk told Tesla’s shareholder meeting late yesterday that the company has a “decent shot” to deliver record second-quarter results “on every level” next month.
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CEO Elon Musk told Tesla’s shareholder meeting late yesterday that the company has a “decent shot” to deliver record second-quarter results on “every level.”
Musk didn’t provide specifics, and he acknowledged the company might fall just short of his forecast. But the offhand comment was enough to generate a 4% bump in the price of shares in after-market trading.
Musk also dismissed worries by investors and analysts that demand for Tesla’s Model 3 electric sedan is sagging. He insists there is “absolutely” no demand problem, saying sales have exceeded production. He also says 90% of orders received in recent weeks have come from people outside the company’s reservation list.
But Musk didn’t provide current sales figures or offer a quarterly production target. He also provided no update on the status of the Chinese assembly plant Tesla is building in Shanghai.
Investors have been skittish since Tesla announced that its retail sales plunged 31% in the first quarter. The company blamed glitches in supplying overseas markets, and it predicted a rebound in the current quarter.
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