After controversial earnings call, Tesla Unlocks 7 per Cent Farther down

Time to talk about the Model Y?Tesla

Time to talk about the Model Y?Tesla

The following are five takeaways from Tesla's first-quarter earnings report released on Wednesday, May 2 after the close of stock market. And the company has said that will mean automating much of the process. Tesla posted its biggest-ever quarterly loss when it announced first-quarter results on Wednesday.

The CEO of Tesla hosted the company's latest earnings call Wednesday in which he brushed analysts off, told them their questions were boring, and spent a significant amount of time fielding questions from a guy with a YouTube channel. Next, next. Boring bonehead questions are not cool.

"These questions are so dry". Please sell our stock and don't buy it. "We will not be starting production of Model Y next year".

Tesla began the quarter with $3.96 billion in cash and equivalents, but that fell to $3.22 billion by quarter's end. During the weeks preceding the shutdown, estimates from Bloomberg's Model 3 production tracker showed that Tesla was only producing vehicles in the ~1,000 range.

Investing.com analyst Clement Thibault said the reduction was noteworthy, "but in the long run given challenges that lay ahead of Tesla, I don't think it is going to make or break the company". "I don't know where we'd put the Model Y", he said before claiming a location would be chosen before the fourth quarter of 2018.

And if more manufacturing hangups are in store for Tesla, the company could be headed for a cash crunch. That's Tesla's first mass market vehicle with a starting sticker price of $35,000, and its success is considered key to the company's business model.

Another exchange between Musk and HyperChange analyst Galileo Russell dismissed comments from Daimler questioning whether Tesla could deliver on specs for its Semi electric truck.

The Model 3 is the most important piece of Tesla's plan to become a mainstream automaker.

Tesla said it produced 2,270 Model 3s per week in the last week of April. Revenue grew by 26 percent from a year ago to $3.4 billion. Excluding one-time items, Tesla lost $3.35 a share, while Wall Street analysts had forecast Tesla to lose $3.58 a share, on $3.22 billion in revenue. Analysts polled by FactSet expected an adjusted loss of $3.54 per share.

During the quarter the company burned cash at a rate of $57 million per week.

"Notably, reported free cash flow was [better] than we expected, but we remain concerned about cash levels".

Problems with building Model 3s at a plant in Fremont, California, got so bad during the quarter that Musk has tweeted he was sleeping at the factory, automation was overrated and more humans were needed to build the cars.

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