Tesla Inc is on course to deliver a record number of cars in the second quarter, beating the 90,700 it sent to customers in the final quarter of last year, according to an internal email from Chief Executive Officer Elon Musk to staff. Musk's email, widely posted on social media and authenticated for Reuters by a source familiar with the matter, also said the company had on average produced 900 Model 3 cars per day this week, bringing it closer to a target of 7,000 per week.
Tesla shares were up about 1% after a volatile opening. They rose on the Reuters confirmation of the email, which appeared to counter concerns that demand was dropping after the first-quarter drop in sales. Shares this week have traded at their lowest since late 2016 and were down for six consecutive sessions. The communication is one of the first about sales by Musk following an agreement with the U.S. Securities and Exchange Commission that requires a securities lawyer to review his tweets and other communications that have material information.
Demand for Tesla's Model 3 sedan and other cars has moved to the top of investors' list of worries after the company reported slack first-quarter demand against a backdrop of U.S.-China trade tensions. Musk's focus on cost-cutting has underscored broader concerns about whether Tesla has enough cash to fund its operations while it tries to turn a profit. In the email sent late on Wednesday, Musk said the company had racked up over 50,000 net new orders this quarter as of Tuesday. "It's the usual Elon Musk scheme: spread positive mood with good news. Elon is a marketing man, but the Tesla reality is sobering," Nord LB analyst Frank Schwope said. Tesla declined to comment on whether the email to staff required review under the agreement or if it had been reviewed.
Source : news18
#cars #car #bmw #carsofinstagram #carporn #auto #supercars #luxury #mercedes #carlifestyle #porsche #ferrari #audi #photography #supercar #instacar #jdm #racing #carswithoutlimits #s #lamborghini #turbo #ford #m #r #like #nissan #f #speed #bhfyp - 0 seconds