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Tesla's Annual Shareholder Meeting: Demand, Trucks And More

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Tesla's Annual Shareholder Meeting: Demand, Trucks And More

Tesla Inc (NASDAQ: TSLA) held its annual shareholder meeting Tuesday evening.

CNBC quoted CEO Elon Musk as saying, “profitability is always challenging if you’re a fast-growing company" and that Tesla is on target to grow its “fleet” by 60-80 percent this year. Musk said Tesla could still be cash-flow positive despite this high growth rate.

Musk said Tesla doesn't have a "demand problem... Sales have far exceeded production and production has been pretty good.” He also said Tesla has a “decent shot at a record quarter” in terms of sales and production.

Here are a few of the other highlights:

  • Ninety percent of Tesla orders are new customers without a vehicle reservation.
  • The company hopes to unveil the Tesla pickup truck this summer and hopes to get the Tesla Semi into production by the end of next year.
  • Musk said it "won't be long" until Tesla releases a vehicle with 400 miles of battery range.
  • The company is "pretty close" to being able to release insurance for cars.
  • Tesla is matching product rollout according to scaling of battery production; Musk said this is the limiting factor.

Tesla's stock closed Tuesday's session at $217.10 per share, up 1.9 percent. Shares were trading higher by 3.5 percent at $224.68 in the after-hours session.

Related Links:

Morgan Stanley Says The Market Is Underappreciating Tesla's AV Business

Tilson Talks Tesla Deliveries And Guidance, Staying Adaptable As A Trader

 

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