Musk Tells Tesla Shareholders Consumer Demand Not a Problem
- Stock rises further in pre-market trading on CEO’s optimism
- New Tesla chairman lauds investors for braving volatility
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Tesla Inc. Chief Executive Officer Elon Musk dismissed concerns about demand for his company’s trademark electric vehicles, telling shareholders at the company’s annual meeting Tuesday that sales this quarter could hit record levels.
Tesla has said it expects to deliver 90,000 to 100,000 cars in the second quarter, but questions of demand have lingered after a disappointing first quarter with deliveries of just 63,000 vehicles. That has helped depress shares about 35% so far this year. But Musk struck an optimistic tone, saying the company’s sales have “far exceeded” its production volumes and that the bulk of new orders are coming from new customers who were not reservation holders.