Nathan Bomey USA TODAY Published 7:18 PM EDT Jun 11, 2019 Tesla CEO Elon Musk on Tuesday dismissed suggestions that demand for the company’s electric vehicles is flagging. Musk told investors at the automaker’s annual meeting that “sales have far exceeded production, and production has been pretty good.” “I want to be clear – there is not a demand problem. Absolutely not,” he said. His comments came amid swelling concern that the number of consumers willing to pay for its electric cars is drying up. Encouraged investors drove Tesla shares up 5% in after-hours trading to $228. The stock had dipped below $180 briefly last week as worries mounted. The company lost more than $700 million in the first quarter and then raised money through a stock offering to shore up its financial position. Musk reiterated previous projections that the company would achieve fully self-driving capability with recently made vehicles in 2020. “I think it’s basically financially insane to buy anything other than an electric car that’s upgradeable to autonomy,” he said. He also said the company’s forthcoming Model Y electric crossover would reach “volume production” by fall 2020. “Internally we’re aiming for sooner than that but we want to have… Read full this story
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