Stock is up about 9% to $327.50 at 7:00 PM ET
- Call ends.
- Musk says self-funding is the best strategy for the company at the moment, but it won’t affect productivity.
- Musk expresses confidence that the energy business would catch up like the auto business in terms of size in the long term.
- Undecided on Model Y’s reservation system.
- Musk says wants to eventually bring out a semi pick up truck.
- Analyst questions Tesla’s prior projection of 1 million vehicles in 2020. Musk downplays it, saying 700K-800K is likely.
- Musk predicts that Tesla will be cash flow positive in the current quarter. Reaffirms that the company will be profitable on a GAAP basis.
- At Tesla, design engineers working with automation staff is an added advantage, says exec.
- Average selling price may see a slight slide in the coming quarters.
- Tesla shares are up 9% at 6:30PM ET.
- Reveals that an update to Autopilot would roll out in a month’s time, to users under early access program. Coast-to-coast autonomous drive would be given due attention after that.
- Musk denies when asked if there is a pending investigation that is barring the company from raising capital. The question pertains to rumors doing rounds that Tesla could be slapped with Wells Notice. Musk says no.
- Elon Musk shrugs off when asked whether he sees BMW or Amazon as a bigger competitor. “Don’t see either as a major competitor.”
- Shares up about 9% at 6:15 PM ET
- Musk says will not raise any equity to fund for factories in Europe and China. Rather will look out for a loan from a local bank.
- Tesla is looking for better efficiency at the least capex. Claims they have achieved it in numerous production areas
- Tesla stock is up over 10% now as Musk details about plans for improving operational efficiencies.
- Elon Musk makes up with some analysts for the bad temper displayed during the previous call
- Shares continue to rise; up about 8.5% at 6:00 PM ET
- Musk says pricing of the base models should help margins. However, no mention of the $35,000 Model 3 promised by the CEO earlier
- Musk claims that customers prefer duel-model option
- The very first question on margins improvement. Musk says the working on becoming more efficient, including bettering manufacturing costs
- Q&A begins
- Shares up about 7.5% at 5:55 PM ET
- Execs gives a brief about the technical aspects of next generation of Autopilot System. Musk says it will be priced similar to the current system
- Goal is to be profitable and cash-flow positive in every quarter moving forward
- Musk stresses on sustainable profitability from Q3. Says the ramp production set up has a lot more potential
- Majority of all premium sedan sales in July were Model 3
- Tesla stock is up about 6.5% to $320 at 5:45 PM ET
- Elon Musk starts his prepared remarks
Earlier today, Bloomberg reported citing unidentified sources that Tesla is likely to ask its local partners to fund the China factory partially. The Shanghai factory has become a necessity after US exports have become costly following the trade war between the US and China.
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