The biggest news from Elon Musk’s Tesla shareholder meeting – The Verge

The biggest news from Elon Musk’s Tesla shareholder meeting – The Verge

Elon Musk
Horses were a somewhat unexpected theme at Tesla’s annual shareholder meeting. After CEO Elon Musk suggested that owning a gas car would be the equivalent of using a horse to get around, a Tesla shareholder asked Musk if the company’s announced pickup would have enough go power to haul her horse. “I didn’t mean to insult horses earlier, ” Musk replied. “I love horses.” (Yes, the planned pickup could haul her horse.)The shareholder meeting had some ups and downs — from a member of animal rights group PETA asking about vegan steering wheels to a discussion about Model 3 demand. The meeting comes at a time when Tesla’s stock price is at a two-year low after falling almost continuously throughout 2019.
The company suffered one of its worst quarterly losses ever to start the year, has faced new scrutiny about the safety of its Autopilot driver assistance feature, and endured questions about recent battery fires.[embedded content]Musk spent nearly an hour and a half updating shareholders on the company, and taking questions as well. .


Here are some of the highlights (besides, obviously, the horse chat):Demand“I want to be clear: there is not a demand problem, ” Musk said at the top of his presentation Tuesday. “Absolutely not.”Wall Street analysts and industry experts have questioned the demand for Tesla’s cars in 2019. This is largely because Tesla’s cars are still fairly expensive. They’re no longer eligible for the full federal EV tax credit, and the cheapest $35, 000-version of the car basically never materialized, meaning every one of Tesla’s vehicles is sold above the average transaction price in the US.“I want to be clear: there is not a demand problem.”Even Musk said in January that “the inhibitor” to buying a Tesla is “affordability” because “people literally don’t have the money to buy the car.”But Musk argued at the meeting that there is no demand problem, and that Tesla is still finding new customers.
He said 90 percent of orders coming in are from customers who aren’t holding a reservation for the Model 3, without giving specifics.“Sales have far exceeded production, and production has been pretty good, ” Musk said. .

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