Published: Fri, April 05, 2019
Money | By Arnold Ball

Tesla Announces Big Miss on First Quarter Car Deliveries

Tesla Announces Big Miss on First Quarter Car Deliveries

The SoundCloud name Emo G is a play on emoji, a callback to a Musk joke from earlier in the weekend.

The hearing appeared to lift an overhang over Tesla, as the SEC stopped well short of recommending Musk's removal as chief executive or even from the electric auto company's board.

The hearing comes as Tesla shares slump after it disclosed that vehicle shipments have fallen 31 percent.

Last quarter, CEO Elon Musk said that he was optimistic about being profitable in the first quarter "and all quarters going forward".

While Tesla has plans to begin building vehicles in China for its burgeoning market there, the company says the fact it has only a single Bay Area factory has led to logistical challenges. But Musk's lawyers argue that the 500k figure is consistent with Tesla's past guidance (the SEC disputes this) and therefore wasn't new information that needed fresh legal approval.

He tweeted about the track between tweets about the Tesla Semi.

If not, she said she'll decide whether to grant regulators' request that the outspoken executive face escalating fines if he breaks rules protecting investors.

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Attorney John Hueston, representing Musk, told the judge the SEC had failed to show his client had violated the deal.

Tesla produced 77,100 vehicles and delivered 63,000 in the first quarter of 2019, the company said on Wednesday.

Analyst Ryan Brinkman of JPMorgan put out a note titled "5 Reasons Why Tesla's 1Q Deliveries Report Is So Negative", and dropped his Tesla price target from $215 to $200.

According to Bloomberg, Judge Alison Nathan ordered Musk and the SEC to meet and send a letter to the court within two weeks about whether they've reached any resolution.

Despite the slow-down, the company maintained its earlier projection that it would deliver between 360,000 and 400,000 vehicles by the end of the year. Previous year in July he accused the British diver in Thai cave rescue operation by calling him a pedo'.

More than 10,000 vehicles were en route to customers at quarter's end, Tesla said.

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