Investors should take what Elon Musk says with a grain of salt, writes Therese Poletti.
On the very day that Tesla Inc. Chief Executive Elon Musk faced a federal judge to argue that his tweets have not violated an agreement with U.S. regulators, the company’s recent data offered further proof that his words must be taken with a grain of salt.
Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k. SEC attorney Sheryl Crumpton said during Thursday’s hearing that there is a “huge gap” between Tesla’s delivery guidance and Musk’s statement that Tesla will produce 500,000 cars in 2019. Crumpton told the court that the Feb. 19 tweet was a “material statement,” with the difference between vehicles produced and delivered worth “billions of dollars,” and was clearly in violation of Tesla’s settlement agreement with the SEC, according to Bloomberg’s live blog of the hearing.
Tesla said in a statement Wednesday that due to a massive increase in deliveries to Europe and China, which it said exceeded previous peak levels by about five times, it had many challenges and as a result, a large number of vehicle deliveries were shifted to the second quarter.
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