A week of sparring for Musk and Tesla

Elon Musk founder CEO and lead designer at SpaceX and co-founder of Tesla speaks at the International Space Station Research and Development Conference in Washington

In a report via ZDNet, he has said that while he is sure autopilot cars are the future, he doubts that the technology will ever be ideal. In his tweet, Musk insisted the company will not need to raise more funds.

Tesla shares, which have gained almost 10% since disclosing the Model 3 production numbers on 3 April, were up 1.8% in afternoon trading on Wall Street.

The electric vehicle maker's chief executive said that one of the reasons Tesla has struggled to reach promised production volumes was because of the company's "excessive automation". That has postponed revenue from reaching Tesla's bottom line from cars being delivered to customers. In September 2017, they claimed that major portions of the Model 3 were "still being banged out by hand".

The longer it takes for Tesla to solve the issue, the more the carmaker is at risk of changing production hell into recall hell in the future to come. To be precise, my mistake.

Tesla reported a record loss of $675.4 million - $4.01 per share - on a revenue of $3.29 billion in the fourth quarter of 2017.

Tesla reported in April that it fell short of its target to produce 2,500 Model 3 cars a week by the end of the first quarter.


The SEC didn't comment on Musk's tweet but referred to a 2013 press release that said sometimes social media can be used for financial disclosures but it is something it closely monitors.

He told CBS News in an interview that aired on Friday the company "got complacent" and "put too much new technology into the Model 3 all at once".

Tesla, which lost $121 million in the same quarter previous year, said revenue was up 36 per cent over the same period in 2016 because of the deliveries it made of the luxury electric Model S sedan and Model X crossover.

Prompted by delays, Musk personally took over Model 3 production from SVP of engineering Doug Field earlier this month. But in a statement, Tesla said it withdrew from the panel, adding: "We believe in transparency, so an agreement that prevents public release of information for over a year is unacceptable".

"Such releases of incomplete information often lead to speculation and incorrect assumptions about the probable cause of a crash, which does a disservice to the investigative process and the traveling public".

"The system worked as described, which is that it's a hands-on system".

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