Tesla drops in premarket after Musk lets loose on call

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Tesla's shares fell 6.5 percent to about $281 Thursday, after Musk's performance in which he said, among other things, that "boring questions are not cool", and used the term "bonehead" to described what analysts were trying to ask him about the company's financial position.

Tesla said it hit a production rate of 2,270 Model 3's per week in April, and it was able to churn out 2,000 or more cars for three straight weeks - finally reaching a milestone it hoped to hit past year.

Musk then added Tesla will keep going "until you ask questions that are not boring". That's Tesla's first mass market vehicle with a starting sticker price of $35,000, and its success is considered key to the company's business model.

Tesla "is definitely not in a minimising cost stage", Thibault said. Despite where it will be constructed, the Model Y "will be an assembling transformation", said Musk.

In February, Musk said Tesla would aim to produce one million Model Y cars a year, when the auto does finally enter production, but didn't give a predicted timeframe. They had risen after the company reported a loss of $567.9 million, in line with analyst forecasts though still higher than the previous quarter and more than the same time past year.

Tesla tore through $745.3 million in cash in the quarter, due largely to the slow production ramp-up of the Model 3 mass-market electric sedan. His slipshod discussion with reporter comes as Wall Street analysts grow more and more impatient with Tesla's inability to meet deadlines or turn a profit. Snap Inc.'s Evan Spiegel and Bobby Murphy saw their net worth fall more than 22 percent on Wednesday after the company said revenue gains will be even smaller in the current quarter as users of its mobile photo-sharing app revolt over a redesign.

Musk's ability to run Tesla is crucial as the company strives to efficiently and profitably build its first vehicle meant to be produced at high volume, the Model 3.

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Tesla will need to raise more money in the near future to meet its cash needs, the credit rating agency claimed. Analysts had expected a loss of $3.58 per share, according to Thomson Reuters.

But Musk tweeted back "Ok".

Net reservations, including configured orders that had not been delivered, "continued to exceed 450,000" at the end of the first quarter, the company said.

"Notably, reported free cash flow was [better] than we expected, but we remain concerned about cash levels".

The Model Y is just one of many projects in the pipeline for Tesla, which also launched a Tesla Semi and a new Roadster in recent months.

Correction: An earlier version of this article misstated the amount of Tesla's cash burn last quarter.

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