Gadgetory

so Tesla just held its annual shareholder meeting in Mountain View California and the timing is super important Elon Musk almost lost his chairmanship of the company and he faced serious questions about Tesla's finances and future that's because right now that future is looking more uncertain than ever my trust in Tesla's timelines could sort of eroded a little bit with the model 3 ran for this is like I tell you the most excruciating hellish several months I've maybe ever had we've made a lot of mistakes with Walt's reproduction that but we've we recognize those mistakes and we're confident we know how to address them reliability and capability of autopilot will increase exponentially over the next 6 to 12 months I think I do have like an issue with time this is something I'm trying to get better at so I'm trying to recalibrate these these estimates so why are investors so nervous well first of all the rollout of the model 3 isn't going well this is Tesla's cheapest car yet and it's the key for the company to go mainstream the model 3 is also Tesla's best chance to make its first-ever profit it says it right here and Tesla's quarterly financial statement our future business depends in large part on our ability to execute on our plans to manufacture market and sell the model 3 vehicle and then a little further down it reads we have no experience to date in manufacturing vehicles at the high volumes that we anticipate for model 3 but so far the model 3 production has been a mess Tesla failed to hit several important deadlines there have been major bottlenecks in the factory as well as a few fires forcing the company to shut down its assembly line so it can fix the problem meanwhile almost half a million people who have reserved model 3s are left wondering when the hell they're going to get their cars so the goal was to be making 2,500 model threes a week by the end of the first quarter but as of April Tesla was barely managing to make 2,000 cars a week the new goal is to make 5,000 cars a week by the end of the second quarter and that deadline is coming up fast meanwhile there have been a bunch of investigations into unsafe working conditions at Tesla's factories and the company is burning well over a billion dollars in cash every quarter prompting questions about Musk's ability to keep Tesla afloat without raising more money its stock price is trending downward and musk is complaining about big media on Twitter the stock price suggests investors aren't happy and some stock holders have even filed a class-action lawsuit claiming Tesla made false and misleading statements about the model 3 and we haven't even gotten to autopilot that's Tesla's super advanced version of cruise control that takes over a lot of the driving from the driver there have been a handful of nasty car crashes in recent weeks involving auto pilot including one that resulted in someone's death the feds are investigating in these incidents are raising the question is Tesla marketing autopilot correctly or is it possible that the system isn't as safe as the company says musk is struggling to produce a mass-market car if the model 3 fails to live up to its potential that means Tesla's valuation is all out of whack which will probably cause its stock prices to fall even more and if the stock price Falls more than musk might not be able to raise money Tesla will run out of cash in the dream of a mass-market electric car will be dead if he succeeds then all that skepticism will shift to one of Tesla's other future products like the Tesla semi truck or the next version of the Roadster or the solar roofs or the mysterious model why Tesla can barely manage to handle model 3 production how well do you think it's going to do with the rest I think Yvonne would appreciate that if I recycle this right and I got turned into like a beautiful paper bag or like a hat this could be a future Elon Musk ad right here