Musk defends Tesla conference call snub of analysts
06 May, 2018, 00:05 | Author: Natasha Holloway
Musk during the earnings call also said that the Model Y will need to be produced at a new plant, as the Fremont plant was "jammed to the gills" and "crazy packed" with production of the Model 3, Model S and Model Y. "Next?" Shortly thereafter, analyst Joseph Spak of RBC Capital Markets asked a question about Model 3 reservations, Musk punted altogether and opted to take a question via YouTube. "We're going to go as long as there are good questions to answer", he said of the question and answer phase of the call.
Elon Musk's derisive dismissal of analysts' questions is proving expensive.
Musk's tweet stated that "The "dry" questions were not asked by investors, but rather by two sell-side analysts who were trying to justify their Tesla short thesis".
The Model Y will be the new entry level model of Tesla after its launch and it is based on the same platform of Model 3.
Finally, Musk promised those betting against Tesla would have regrets.
Tesla shares are up 1.1% in Friday trading but off 3.3% over the past 12 months, while the S&P 500 has gained 10%. Musk says that it will reduce the overall wiring significantly and simplify the production process. If his account checks out, it's not hard to see why Musk would be annoyed.
Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.
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.
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