Shares were down more than 5 percent after-hours. "They're killing me", Musk said after an analyst asked what percentage of Tesla 3 reservation holders have started to configure options for their cars, an indicator of how much profit Tesla will be able to wring from the vehicles.
Tesla revs up losses of $710m by failing to produce enough Model 3 cars.
Musk eventually became somewhat irate with questions related to Model 3 production and capital expenditure, and cut off several callers. Tesla also needs a software platform to manage the ridesharing network.
This being a Musk-led Q&A with analysts on Tesla, there's plenty more to report.
Musk took to Twitter and projected that the company will be profitable and that it would have positive cash flow for the second quarter.
In its letter, Tesla said Model 3 production hit 2,270 per week at the end of April, the third straight week that it reached over 2,000. But that didn't stop the eccentric gear head from upping his ultimate Model 3 production goal to 10,000 a week. The Model 3 is priced against well-known competitors such as the BMW 3 Series, Mercedes C-Class, Lexus IS, and Audi A4.
A few hours after Elon Musk berated analysts for what he perceived as unimaginative questions, Volkswagen AG said it was writing a check for batteries that nearly match Tesla Inc.'s entire market value. "We're going to scrub the barnacles on that front", he said. Find us on Facebook too! "Fundamentally, we believe that thinking about a factory in the same way that people think about the product itself creates the potential for a step change in manufacturing that will create enormous benefits for quality, cost, efficiency and employee safety", the company said.
He was on a conference call responding to questions about Tesla's first-quarter results, which showed the company made a record $710m (£523m) net loss and tore through $745.4m (£549m) in cash in the first quarter of the year. The company also pulled in $3.41 billion in revenue, surpassing the $3.22 billion expected by The Street. Revenue grew by 26 per cent from a year ago to $US3.4 billion. Capital spending will come in below $3 billion this year, Tesla said. He noted that the company may not need to raise additional capital from its investors.
"Thank you for your interesting question", Musk replied, then described a "shared electric autonomy model ... like a Robo-Lyft or Robo-Uber", in which you can keep your Tesla, or you can use it to pick up shared-economy riders itself, or lend it out like an autonomous, automotive Airbnb. He speculated that without a great deal more development, that could be pushed to 600 miles and that the production version of the truck would sit at around that maximum range.
Ducking analysts' questions has a price: US$2 billion.
Professor Christian Stadler, of Warwick Business School believes that even if Tesla can overcome its production issues, the clock is now well and truly ticking for the electric vehicle company.