Skip to main content

Market Overview

Tesla Needs To Increase Production Now, Elon Musk Says In Leaked Email

Share:
Tesla Needs To Increase Production Now, Elon Musk Says In Leaked Email

Elon Musk is calling on his company to step on the gas to get production moving faster.

What Happened: In an email obtained by EV news site Electrek, the Tesla Inc (NASDAQ: TSLA) CEO says that the current demand for its products exceeds production capacities, calling it a “high-class problem.”

“To ensure that we have the best possible outcome and earn the trust of the customers and investors who have placed their faith and hard-earned money with us, we need to increase production for the remainder of this quarter as much as possible,” says the email to employees.

He further adds that he would only send this kind of email “if it really mattered.”

Why It Matters: This is the second time Musk has addressed the company’s employees this month. On Dec. 1, he talked in an email about the importance of spending carefully, despite the stock reaching new highs.

The Tesla founder said that investors have faith in the company’s future profits, adding that if “at any point, they conclude that’s not going to happen, our stock will immediately get crushed like a soufflé under a sledgehammer!”

He noted that profitability is "very low" at around 1% for the past year.

Tesla aims to deliver a record 500,000 vehicles as part of its end-of-year goals. The company needs to deliver over 181,000 vehicles this quarter to reach that goal, according to Electrek.

Price Action: Tesla shares closed at $609.99, down 2.72%, on Friday. It traded 0.39% lower, at $607.64, in the post-market session.

Image: Photo shared on Elon Musk's Twitter page

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: Electrek electric vehicles Elon Musk TeslaNews Tech Media Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com