Tesla electric car demand is ‘absolutely not’ struggling, Elon Musk says amid investor concerns – USA TODAY

Tesla electric car demand is ‘absolutely not’ struggling, Elon Musk says amid investor concerns – USA TODAY

Elon Musk
CLOSE That's because Tesla has created "the best chip in the world." Time, Time Tesla CEO Elon Musk on Tuesday dismissed suggestions that demand for the company's electric vehicles is flagging. Musk told investors at the automaker's annual meeting that "sales have far exceeded production, and production has been pretty good." "I want to be clear – there is not a demand problem. Absolutely not, " he said. His comments came amid swelling concern that the number of consumers willing to pay for its electric cars is drying up. Encouraged investors drove Tesla shares up 5% in after-hours trading to $228. The stock had dipped below $180 briefly last week as worries mounted. The company lost more than $700 million in the first quarter and then raised money through a stock offering to shore up its financial position. Musk reiterated previous projections that the company would achieve fully self-driving capability with recently made vehicles in 2020. Autoplay Show Thumbnails Show Captions Last SlideNext Slide "I think it’s basically financially insane to buy anything other than an electric car that’s upgradeable to autonomy, ....

"So if an F-150 can tow it, the Tesla pickup truck should be able to do it." As the company ramps up electric vehicle production, one of its biggest challenges is sourcing enough raw material to manufacture battery cells. Tesla CEO Elon Musk pauses while speaking before unveiling the Model Y at the company's design studio Thursday, March 14, 2019, in Hawthorne, Calif. (Photo: Jae C. Hong, AP) "We might get into the mining business. Maybe, " he said. "We’ll do whatever we have to to ensure we can scale at the fastest way possible." During the meeting, Musk took questions from the audience on a wide range of issues. He bashed the media for waging a "disinformation campaign" about Tesla's prospects. He also hinted at other products to come, including some that aren't altogether realistic. .

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