{"id":195160,"date":"2023-10-23T19:11:35","date_gmt":"2023-10-23T19:11:35","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195160"},"modified":"2023-10-23T19:11:35","modified_gmt":"2023-10-23T19:11:35","slug":"elon-musk-acted-like-a-baby-during-teslas-terrible-earnings-call","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/world-news\/elon-musk-acted-like-a-baby-during-teslas-terrible-earnings-call\/","title":{"rendered":"Elon Musk &apos;acted like a baby&apos; during Tesla&apos;s terrible earnings call"},"content":{"rendered":"<h1>Elon Musk &#8216;acted like a little baby&#8217; during Tesla&#8217;s terrible earnings call and &#8216;blamed high interest rates&#8217; as profits fell to $1.85 billion, sending shares tumbling 15%<\/h1>\n<ul>\n<li><strong>World&#8217;s richest man was &#8216;close to tears&#8217; as he struggled to defend falling profits to angry investors at &#8216;mini-disaster&#8217; earnings call\u00a0<\/strong><\/li>\n<li><strong>The tech titan played down prospects for the long-delayed &#8216;Cybertruck&#8217; ahead of its planned roll-out next month<\/strong><\/li>\n<li><strong>Analysts warn that his honeymoon with the markets may be over with one promising &#8216;no more rose-colored glasses&#8217;\u00a0\u00a0<\/strong><\/li>\n<\/ul>\n<p>Elon Musk was \u2018close to tears\u2019 as he struggled to defend Tesla\u2019s crashing profits to angry investors, prompting analysts to ask \u2018is the story over?\u2019<\/p>\n<p>The backlash has been growing since the world\u2019s richest man blamed interest rates for a 44 percent drop in net profits at a \u2018terrible\u2019 earnings call with shareholders on Wednesday.<\/p>\n<p>Shares of the stock have slumped 15 percent in their worst week of the year after tycoon admitted \u2018we dug our own grave\u2019 with their long-delayed fully electric \u2018Cybertruck\u2019.<\/p>\n<p>But it was his lack of ideas that angered investors long accustomed to allowing the tech visionary the benefit of the doubt.<\/p>\n<p>\u2018For a leader to cry about the economy rather than funneling that and coming up with a plan is pathetic,\u2019 YouTuber Kevin Paffrath told Yahoo Finance.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/23\/18\/76903229-12662771-image-a-1_1698082980963.jpg\" height=\"421\" width=\"634\"><\/p>\n<p>The famously emotional billionaire \u2018acted like a little baby\u2019, as he struggled to explain a 44 percent drop in Tesla&#8217;s profits at a \u2018terrible\u2019 earnings call with shareholders<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/23\/18\/73294899-12662771-Tesla_CEO_Elon_Musk_introduces_the_all_electric_battery_powered_-a-2_1698083004241.jpg\" height=\"373\" width=\"634\"><\/p>\n<p>Musk introduced the all-electric battery-powered Tesla Cybertruck at Tesla Design Center in Hawthorne, California on November 21, 2019<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/23\/18\/76899303-12662771-image-m-4_1698083089769.jpg\" height=\"397\" width=\"634\"><\/p>\n<p>The bungled earnings call helped knock 15 percent of Tesla&#8217;s share price in less than a week<\/p>\n<p>\u2018We need to know the light is at the end of the tunnel rather than hearing a complaining CEO who&#8217;s not actually providing that path.\u2019<\/p>\n<p>The famously emotional billionaire \u2018acted like a little baby\u2019, according to Paffrath, blaming rising interest rates for delays to the planned $10 billion Mexican gigafactory which will churn out batteries for his fleet of electric vehicles.<\/p>\n<p>And he insisted it was the spiraling prime rate, which has risen from 3.5 to 8.5 percent in the last 18 months, which had crippled demand for his cars.<\/p>\n<p>\u2018If interest rates remain high or if they go even higher, it&#8217;s that much harder for people to buy the car,\u2019 he told his audience.<\/p>\n<p>\u2018They simply can&#8217;t afford it.\u2019<\/p>\n<p>The company\u2019s share of the electric vehicle market has slumped from 60 to 50 per cent in the last six months despite slashing prices by a quarter, with the cost of a Model Y sport-utility vehicle, now starting at $44,000.<\/p>\n<p>There was more good news for consumers as Musk\u2019s new CFO Vaibhav Taneja insisted that \u2018reducing the cost of our vehicles is our top priority\u2019.<\/p>\n<p>Profits at the company fell to $1.9 billion in the three months to September, down $1.4billion on a year earlier.<\/p>\n<p>Tesla&#8217;s year-over-year revenue growth was the weakest since the pandemic hit in the second quarter of 2020, and third-quarter earnings fell 37% to 66 cents per share, the lowest in two years.<\/p>\n<p>In all it reported $23.4 billion in sales for the second quarter, down from analyst forecasts of roughly $24.2 billion.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/23\/18\/76903349-12662771-image-a-5_1698083198201.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>The company has slashed prices by a quarter, with the cost of a Model Y sport-utility vehicle, now starting at $44,000\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/23\/18\/76903305-12662771-image-m-13_1698083265568.jpg\" height=\"335\" width=\"306\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/23\/18\/76899229-12662771-image-a-14_1698083297909.jpg\" height=\"335\" width=\"306\"><\/p>\n<p>YouTube finance expert Kevin Paffrath slammed Musk for not charting a course out off Tesla&#8217;s financial troubles\u00a0 \u00a0<\/p>\n<p>Wedbush Securities analyst Dan Ives told businessinsider.com the call was a \u2018mini disaster\u2019, with Musk remaining silent about his company\u2019s progress in developing its long promised autonomous vehicles.<\/p>\n<p>\u2018We heard from a much more cautious Musk who focused on higher interest rates, AI investments, and highlighting the difficult path for Cybertruck production over the next 12 to 18 months,\u2019 he added.<\/p>\n<p>Musk has penciled in November 30 as the launch date for the Cybertruck but its price and final specifications are still a mystery.<\/p>\n<p>It is four years since he showed off the prototype during an embarrassing launch event at which its \u2018shatterproof\u2019 window broke.<\/p>\n<p>He has described it as a vehicle that will &#8216;change the look of the roads&#8217;, with &#8216;better utility than a truck with more performance than a sports car&#8217;.<\/p>\n<p>But he told investors on Wednesday that it will be up to 18 months before it becomes a \u2018positive cash flow contributor\u2019.<\/p>\n<p>\u2018Demand is off the charts,\u2019 he insisted.<\/p>\n<p>\u2018We have over one million people who have reserved the car, so it\u2019s not a demand issue, but we have to make it, and we need to make it a price that people can afford, insanely difficult things.\u2019<\/p>\n<p>\u2018The blood, sweat and tears that will be required to achieve that is just staggering.\u2019<\/p>\n<p>He promised to further \u2018invest significantly in AI development,\u2019 but there was no repeat of his boasts about its \u2018potential to make Tesla the most valuable company in the world by far\u2019 with \u2018fully autonomous cars at scale and fully autonomous humanoid robots\u2019.<\/p>\n<p>Shares in the company remain 96 per cent up on the start of 2023 but the company\u2019s long honeymoon with market makers may be coming to an end.<\/p>\n<p>\u2018No more rose-colored glasses,\u2019 Wells Fargo analyst Colin Langan wrote in a note to investors.<\/p>\n<p>\u2018How can we defend a \u2018growth\u2019 stock that appears ready to enter its 2nd consecutive year of earnings decline?\u2019 asked Morgan Stanley\u2019s Adam Jonas.<\/p>\n<p>\u2018Five percent auto revenue growth, collapsing margins and trading at 200x FCF,\u2019 concluded Toni Sacconaghi of Bernstein.<\/p>\n<p>\u2018Is the story broken?\u2019<\/p>\n<h3>Cybertruck timeline: Heavy duty vehicle was first unveiled back in 2019<\/h3>\n<p><span>November 2017<\/span>: Elon Musk describes a concept of a &#8216;pickup truck that can carry a pickup truck&#8217;.\u00a0<\/p>\n<p><span>November 2019<\/span>: Musk unveils the Cybertruck prototype. The windows get smashed in a botched demo.\u00a0<\/p>\n<p><span>January 2021<\/span>: The CEO tweets that Cybertruck &#8216;doesn&#8217;t need a garage&#8217; &#8211; because it offers sufficient protection on its own.\u00a0<\/p>\n<p><span>April 2021<\/span>: Musk says he&#8217;s been &#8216;driving Cybertruck around the site where it will be built&#8217;.\u00a0<\/p>\n<p><span>September 2021<\/span>: Musk said Cybertruck isn&#8217;t expected to go into production until late 2022.\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/23\/17\/73294893-12306409-Musk_speaks_in_front_of_the_newly_unveiled_all_electric_battery_-a-49_1698080277104.jpg\" height=\"372\" width=\"586\"><\/p>\n<p>Musk speaks in front of the newly unveiled all-electric battery-powered Tesla&#8217;s Cybertruck with shattered windows, after a failed resistance test, at Tesla Design Center in Hawthorne, California on November 21, 2019<\/p>\n<p><span>January 2022<\/span>: Musk reveals he&#8217;s been driving the latest &#8216;awesome&#8217; prototype around Giga Texas.\u00a0<\/p>\n<p><span>January 2022<\/span>: Cybertruck production delayed until &#8216;hopefully next year&#8217;, Musk says in an earnings call.\u00a0<\/p>\n<p><span>September 2022<\/span>: Musk tweets: &#8216;Cybertruck will be waterproof enough to serve briefly as a boat, so it can cross rivers, lakes &amp; even seas that aren\u2019t too choppy.&#8217;<\/p>\n<p><span>November 2022<\/span>: Musk tweets: &#8216;Cybertruck is something special that comes along once in a long while.&#8217;\u00a0\u00a0<\/p>\n<p><span>February 2023<\/span>: Musk reaffirms that Cybertruck production will start in 2023.\u00a0<\/p>\n<p><span>May 2023<\/span>: Musk says Tesla is &#8216;working hard to get Cybertruck into production, calling it a &#8216;tough product to design and even tougher to build&#8217;.\u00a0<\/p>\n<p><span>July 2023<\/span>: First Cybertruck built at\u00a0Giga Texas.\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12662771\/Musk-baby-Tesla-profits-shares-earnings.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk &#8216;acted like a little baby&#8217; during Tesla&#8217;s terrible earnings call and &#8216;blamed high&#8230;<\/p>\n","protected":false},"author":4,"featured_media":195159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28134],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk &amp;apos;acted like a baby&amp;apos; during Tesla&amp;apos;s terrible earnings call - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/world-news\/elon-musk-acted-like-a-baby-during-teslas-terrible-earnings-call\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk &amp;apos;acted like a baby&amp;apos; during Tesla&amp;apos;s terrible earnings call - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Elon Musk &#8216;acted like a little baby&#8217; 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