Tesla CEO tempers expectations, cites ‘enormous challenges’ in reaching volume production and making the Cybertruck cash-flow positive
Elon Musk was uncharacteristically cautious about Tesla Inc.’s next big vehicle Wednesday, and his comments may lead some on Wall Street to lower their initial expectations for the Cybertruck.
Earlier, Tesla TSLA, -4.78% reported third-quarter earnings that missed Wall Street’s expectations, and combined with Musk’s comments to “temper expectations,” its stock sank more than 4% in after-hours trading, following an initial rally. Musk may have caused some confusion among investors by his positive tweets Wednesday afternoon that the first Cybertruck deliveries are scheduled for Nov. 30, but then sounded a bit overly cautious about it on the call.
“This is simply normal,” Musk said. “When you’ve got a product with a lot of new technology, or any brand-new vehicle program, but especially one that is as different and advanced as the Cybertruck, you will have problems proportionate to how many new things you’re trying to solve at scale.” He was vague and did not answer specifically when asked about the company’s current timeline for robotaxis. He proclaimed in 2019 there would be 1 million Tesla robotaxis on the road the next year.
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