Tesla shares fell more than 9 percent Thursday morning after chief executive Elon Musk failed to allay investors’ concerns over falling demand and persistent price cuts.
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Tesla shares tumble as analyst decries ‘train wreck’ investor call
“Tesla is currently between two major growth waves,” Musk told investors Wednesday. The company is preparing to ship a new self-driving car technology, he said, and is making progress toward its next vehicle.
Wall Street observers expected better news out of the earnings call. Dan Ives, a prominent tech analyst with Wedbush Securities, said executives failed to address short-term concerns, even though he remains sold on the company’s long-term value.
“We were dead wrong expecting Musk and team to step up like adults in the room on the call and give a strategic and financial overview of the ongoing price cuts, margin structure, and fluctuating demand. … instead we got a high-level Tesla long-term view with another train wreck conference call,” Ives wrote Thursday.
The company’s falling margins and “constant never-ending price cuts” are concerns, Ives wrote.
Musk also faced questions about his public demand for 25 percent of the company’s voting shares. Musk said Wednesday he wants the power to resist activist investors who may have “strange ideas” about how to run Tesla.
“I don’t want to control it, but if I have so little influence over the company at that stage, I could sort of be booted out by some random shareholder advisory firm,” Musk said.