Musk's comments came on a conference call after Tesla announced its second-quarter earnings. Granted, nobody seems to be saying that Elon Musk's latest automotive breakthrough is a bad auto. For one, he said he overreached on the technology included in the first generation of its SUV the Model X.
On a conference call with analysts and media, Musk said, "This is maybe the best I've ever felt about Tesla, to be frank".
Tesla stock rose to $350 per share after closing at $325.89. Musk said Tesla has "made that commitment to NY and we're going to keep that commitment", although the NY solar factory has been much delayed.
"We know this. We signed up for it". Finally, Guggenheim reissued a "buy" rating and issued a $320.00 price target on shares of Tesla in a research note on Wednesday, April 19th.
Tesla burned through a record amount of cash in the second quarter as it prepared to unveil its Model 3 sedan.
The company's net loss attributable to shareholders widened to $336.4 million, from $293.2 million a year earlier.
Excluding items, the company lost $1.33 per share. During the same quarter a year ago, the company earned ($1.06) EPS. Compared to Q2 2016, revenue was up a whopping 93 percent, mostly thanks to a 53-percent increase in deliveries.
Those first installations have gone to employees who the company chose "to help ideal all aspects of Solar Roof customer experience". The high-end roofs are designed for aesthetics - high efficiency solar cells are embedded into tiles - and durability. Short-covering could be helping with the gains: 28 million shares (23% of Tesla's float) were shorted as of July 14. Leading publications went out of their way to call the Model 3 the "car of the future", effusively commenting about the vehicle's minimalist exterior and interior design, as well as the bevy of high-tech features that one can't find in the average EV, or the average new auto, for that matter. Tesla said that this approach allows the company to smooth the sales and installation process ahead of a wider release to the public.
Critics also point out that other large companies, like Dow, have created products around roofs and building materials integrated with solar panels and stopped selling them due to high costs and low efficiency.
During the quarter, Tesla produced 25,708 Model S and Model X electric vehicles and delivered 22,026 of them to customers.
Several factors will influence our non-GAAP automotive gross margin for the rest of this year.
Tesla said it expects to begin deliveries to non-employees in the fourth quarter. But to find buyers for the 500,000 cars it expects to roll off its Fremont, California assembly lines by 2018, it will need crossover appeal.
Industry analysts have been hesitant to express doubts about Musk, mostly because Tesla has already defied expectations for a startup automaker. The company wants to be able to make 10,000 Model 3s per week by next year.
"We are very confident about costs [of Model 3 production]", he said. It will triple the number of superchargers by the end of next year, he said.