Tesla CEO Elon Musk apologizes to analysts

Business


On Wednesday, Musk said of his impoliteness towards analysts, “I violated my own rule in that regard…There’s no excuse.” The CEO’s contrite tone on Wednesday’s call may assuage the concerns of investors who worried about Musk’s leadership style under pressure.

CFRA’s Efraim Levy wrote in a note to investors on Wednesday, even ahead of the call:

“We like the more muted tone of the company’s outlook, with the absence of unnecessary new stretch goals. One example is TSLA’s reiterating a Model 3 production rate goal of 6,000 units per week by late August, with a more vague time frame to reach production of 10,000 units per week, despite our expectation for a more accelerated ramp. Perhaps it reflects a more cautious Elon Musk.”

Tesla shares were up 10 percent in after hours trading on Wednesday.



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