Elon Musk’s Unconventional Strategy for Tesla
It burns through over $7,000 every minute.
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By DON REISINGER
10:26 AM EDT
Tesla CEO Elon Musk has tried to correct the record after an analyst report surfaced on Thursday saying his Model 3 is in trouble.
In a tweet late on Thursday, Musk called an analyst report that said Model 3 cancellations are double today where they were last year at the same time and higher than orders “bs.” Musk added that last week, Tesla had 5,000 Model 3 “new net orders.” Net orders refers to total orders, less cancellations.
Musk’s comment came after Needham & Co. analyst Rajvindra Gill told investors that refunds for the Model 3 “are outpacing deposits as cancellations accelerate.” Gill, who downgraded Tesla’s stock to a sell, said the Model 3’s refund rate is more than 24% of all orders.
Soon after a Fortune story was published on the note, a Tesla spokesman contradicted Gill’s claims. In a statement to Fortune, the spokesperson said that cancellations are not, in fact, outpacing orders. The spokesperson added that there were 420,000 net Tesla Model 3 reservations at the end of the second quarter.
Tesla Spokesperson, Regarding The Earlier Needham Downgrade Note, Say "The Notion That Model 3 Cancellations Are Outpacing Orders Is Unequivocally False"
Are you sick of Tesla FUD?! Please Like and Retweet to stop Tesla FUD !! $TSLA @elonmusk @bonnienorman @Jason @scottwww pic.twitter.com/b5TsgMx0pv
Dunno where this bs is coming from. Who knows about the future, but last week we had over 2000 S/X and 5000 Model 3 *new* net orders.
Still, the damage had been done. Tesla’s shares plummeted in early trading following the analyst’s report and only started to regain their standing after the company provided its context. Interestingly, Musk’s own figures haven’t done much to change shareholder minds: in early trading on Friday, Tesla’s shares were down nearly 1%.
end quote from:
http://fortune.com/2018/07/20/elon-musk-tesla-3-orders/
In any product there is the ideal and then the reality. The ideal has carried
this product so far but now the realities (on every level must be overcome to)
for long term growth and survival of Tesla. Because Musk owns so many different companies I think Tesla will survive because of Musk's diversity.
However, he might have to dedicate more time to "getting it right with Tesla"
in order for Tesla to stay in business long term. Also, there are Tesla Batteries that he sells for homes based upon the batteries he has developed for the Tesla 3's. The batteries for homes are called "The Wall" and usually used in conjunction with Solar panels on a roof. These batteries allow homes to be lit for days even without any sun hitting the solar panels.
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