Tesla Model Y Launch Date Set For 2020, Hints Elon Musk

05 May, 2018, 01:30 | Author: Becky Perry
  • Thor electric semi-truck

A small hedge fund manager who has always been betting against Tesla Inc TSLA.O on Thursday redoubled his call for the stock to fall to zero, comments that came as investors were already hammering the electric vehicle maker. "They're killing me", Musk said in response to a later question about reservations for the Tesla Model 3 auto, which has been the subject of speculation regarding its production problems. 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. Without additional cash, some analysts have predicted that Musk faces a reckoning if he needs more money from investors to fund operations, capital spending and debt payments that are due early next year.

Musk promised restructuring, more Model 3 output and capital spending cuts to ease cash strain.

The spat comes at a crunch time for Tesla, when it is struggling to ramp up production of its Model 3 sedan, on which its profitability depends.

Given a platform share with the Model 3 has now been confirmed, it's extremely likely that drivetrains will be the same, too. Snap Inc.'s Evan Spiegel and Bobby Murphy saw their net worth fall more than 22% on Wednesday after the company said revenue gains will be even smaller in the current quarter as users of its mobile photo-sharing app revolt over a redesign. The Model 3 will be manufactured in this undisclosed new site.

What has been confirmed, however, is that the Model Y will be a compact crossover that sits below the company's Model X SUV, reports Teslarati. He goes on to explain how investors have bet against Tesla more than any other firm, "First, it's important to know that Tesla is the most shorted (meaning most bet against) stock on the market & has been for a while".

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I asked Musk how he thinks it will compare to the 2013 short squeeze that followed his 2012 warning to the shorts. "Next. Boring questions are not cool".

The call was moving along relatively smoothly until Bernstein analyst Toni Sacconaghi asked about the electric vehicle maker's capital requirements.

Musk's decision to pick a fight with Wall Street looks ill-timed.

CNBC also reports that Musk chose to take several questions from a 25-year-old retail investor and owner of a YouTube channel, Galileo Russell, which is unusual because questions on earnings calls are traditionally reserved for analysts, professional investors, and sometimes media.

Tesla posted a net loss of $710 million on $3.41 billion in revenue for the January-March quarter.

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