Tesla shares sink as Elon Musk cuts off analysts on call

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Tesla said it produced 2,270 Model 3s per week in the last week of April, up from 2,250 in the second week of the month. "The big questions remain: Will investors step up to put more cash into the company, and can Tesla conquer the Model 3 production challenges". This isn't the first time that Musk has lashed out at journalists for reporting adversely on the company, with him famously shouting, "Shame!" at journalists on a call year.

He then took several questions in a row about plans for a self-driving vehicle network and other long-term projects from the host of a YouTube channel focused on investing, praising the questions as not boring.

Tesla CEO, Elon Musk has confirmed that the company's next vehicle, the Tesla Model Y, won't go into production until early 2020.

To achieve those Model 3 production numbers, Tesla will shut down its line again this quarter to make modifications, according Mr Musk. Tesla is also retrenching from its automation efforts for now.

Musk abruptly ended a round of questioning after the analysts asked about the impact of the electric-car maker's reduced spending plans and the percentage of Model 3 reservation holders who have configured a vehicle.

The company said in a note to investors Wednesday that Model 3 production is on the rise and that it expects profitability in the second half, under generally accepted accounting principles.

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Tesla has learned from its "production hell", the start-up problems that have held up full production of the upper-middle-priced Model 3 that Musk intends to revolutionize private transportation. Tesla said it was targeting a 5,000-a-week rate by the end of June, and anticipated turning the gross margin on the Model 3 from slightly negative to break-even by then.

The Model 3 starts at $US35,000 but can easily top $US50,000 with options.

Shares of the Palo Alto, California-based company were unchanged in extended trading after closing at $301.15.

The 46-year-old then said: "We're going to go to YouTube".

In other Tesla news, Director Kimbal Musk sold 1,875 shares of the business's stock in a transaction on Thursday, April 5th.

"We have temporarily dialed back automation and introduced certain semi-automated or manual processes while we work to eventually have full automation take back over", the company said.

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Sales of batteries and solar panels clocked in at $410 million, a 92 percent year-over-year jump from the $214 million reported last year. Excluding one-time expenses such as stock-based compensation, the company lost $3.35 per share. Revenue grew by 26 per cent from a year ago to $US3.4 billion.

The giant loss in a critical quarter for the 15-year-old company fell short of Wall Street estimates.

Tesla has released its financial results for the first quarter of 2018, where the company recorded its highest ever quarterly loss ever at US$784.6 million, which exceeds the US$675.4 million loss experienced in Q4 2017.

Automotive revenue rose only 1 percent from the prior quarter to $2.74 billion.

Shares of the electric vehicle maker went down by approximately 1% during after-hours trading, after closing at $301.15 on Wednesday. At the end of past year the company had a total of $9.5 billion in long-term debt.

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