Tesla's Annual Shareholder Meeting: Demand, Trucks And More

Tesla is serious about a possible record quarter, not so serious about a submarine car

Musk highlighted that most electric vehicles which have been launched recently still can't surpass the range of Tesla's 2012 Model S, and claimed that Tesla should soon offer vehicles capable of traveling for 400 miles on a single charge.

Musk's 90-minute appearance came amid lingering questions about Tesla's finances and his own sometimes erratic behavior since the company held its last shareholder meeting a year ago. He said making one would be a distraction and have a small market.

A 31% fall in first-quarter deliveries stirred concern among investors over the appetite for Tesla's Model 3 sedans and its cashflow as it invests to ramp-up output and get cars out to customers on time.

But ramping production strains finances, and Tesla is increasing output at its US factory, launching production in China, overhauling its USA retail and service operations and developing new models.

"Today they'll put on their best face. but right now there continues to be a very challenging period ahead for Tesla and their need to balance growth and profitability", Ives said. He also said Tesla has a "decent shot at a record quarter" in terms of sales and production. The wild swings in fortune also have rocked Tesla's stock, which has gone from a high of $387.46 last August shortly after Musk said he had line up adequate financing for his illusory buyout, to a three-year low of $176.99 last week.

Tesla was likely to settle on a location for a European factory by the end of the year and expects to start selling in India by next year.

"Sales have far exceeded production and production has been pretty good so we're actually doing well", Musk said. "We can't spend money too fast, you know, we'll run out of it", said Musk.

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