There's no lull from the Tesla news, much after a week's epochal quarter to the business.
Tesla managed to log in 20 percent gross profit about the Model 3 and generate over $300 million in GAAP net income following selling a total of 83,500 vehicles — which makes it the nation's first and only rewarding pure-play, mass-produced electrical vehicle maker.
Model Y approved for production
After releasing those stellar third-quarter financials, Elon Musk took a little victory lap and answered questions in the analyst community.
Instead of nerd-philosopher Musk or even weird-angry Musk, we obtained sensitive-leader Musk and much less controversy than usual. But here's some news and choice Musk quotes from the semester.
Musk got a bit choked up as he thanked the clients who”cared about the future of the company so much that they volunteer their time to help the company succeed.”
Musk imagines a transportation potential of”shared electric autonomy” with a long-term design that'therefore a”combination of Uber, Lyft and Airbnb.” Customers can share their car,”just like you share your house on Airbnb,” said the CEO. “The advantage that Tesla will have is that we will have millions of cars in the field with full autonomy capability, and no one else will have that.”
In spite of the proclamations of equity analysts who believe that Tesla should raise billions to finance mills and new product development, Musk said,”We do not intend to raise equity or debt. At least that's our intention right now.”
New product development proceeds as Musk claimed”significant progress” over the Model Y, Tesla's Model 3 crossover. The CEO stated that he”approved the prototype to go into production” and expects it to be in volume production in 2020. He also cited improvement on the Semi truck, the newest Tesla Roadster and pickup truck.
Musk bemoaned the lengthy product development time for the solar roofing roof, saying he expects to become”getting into volume production” next year.
FBI probing Tesla misstatements
The”funding secured” fiasco is finished; SEC fines are enforced and punishment meted out. However, on Friday, The Wall Street Journal reported that the FBI is questioning Tesla regarding possible”misstatements” about Model 3 manufacturing figures dating back to early 2017. This is not a new investigation.
Several former Tesla workers obtained subpoenas, according to WSJ.
In a declaration, Tesla said it had not obtained a subpoena, a request for testimony or any other formal procedure from the FBI. That is an ongoing story, so stay tuned for updates.
Oracle CTO Larry Ellison speaks Tesla
Larry Ellison, chairman of Oracle, digressed a bit at an Oracle analyst meeting to speak Tesla, also here's exactly what we learned. (Starts at 2:21:40.)
Ellison considers Musk that a”very close” friend.
The Wall Street Journal is his favourite newspaper.
You haven't landed a rocket on a robot drone.
Ellison has a net worth of approximately $54.5 billion, also Tesla is his”second largest investment.”
He singled out Panasonic as a source of Tesla's battery problems.
Allow some fires burn
In light of Tesla's metaphorical fires, if they be reliability issues, production hell, even delivery hell or the rest of the hells, it's helpful to recall one of Reid Hoffman's management tenets. “Smart entrepreneurs don’t try to fight every fire. They have to let some fires burn — and sometimes very large fires,” according to the modern of Elon Musk at PayPal.
Hoffman, in his podcast Masters of Scale, talks of the back in PayPal’s early days,”We neglected customer complaints, even as users grew exponentially,” explaining,”The problem is we have to treat the future customers, not just the current ones.”
Musk may have obtained Hoffman's advice to heart:”If you spend all of your time fighting fires, you may miss critical opportunities to build your business. Deciding which fires you let burn, and how long you let them burn for, can make the difference between success and failure.”
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