That's because Tesla has created "the best chip in the world."
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.FacebookTwitterGoogle+LinkedIn
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Elon Musk CEO of SpaceX, speaks to the media during a press conference after the Falcon Heavy Launch on Feb. 6, 2018. CRAIG BAILEY/FLORIDA TODAY VIA USA TODAY NETWORK>Fullscreen Tesla founder Elon Musk presenting the new Roadster electric sports vehicle (on background), presented to media on Nov. 16, 2017 at Tesla's Los Angeles design center. Tesla says the Roadster will accelerate from 0-60 mph in less than two seconds. Tesla says the new Roadster will cost $200,000 and will be released in three years. /TESLA HANDOUT VIA EPA-EFE>Fullscreen PayPal Chief Executive Officer Peter Thiel, left, and founder Elon Musk, right, pose with the PayPal logo at corporate headquarters in Palo Alto, Calif., on Oct. 20, 2000. Elon Musk made his fortune off PayPal. Online auction giant eBay Inc. announced Monday, July 8, 2002, it would buy the electronic payment facilitator for more than $1.3 billion in stock. PAUL SAKUMA/ASSOCIATED PRESS>Fullscreen SpaceX CEO Elon Musk congratulates teams competing on the Hyperloop Pod Competition II at SpaceX's Hyperloop track in Hawthorne, Calif on Aug. 27, 2017. A committee of the Los Angeles City Council on April 18, 2018, approved an environmental review exemption for a Los Angeles-area tunnel that Elon Musk wants to dig to test a novel underground transportation system. DAMIAN DOVARGANES/AP>Fullscreen SpaceX's newest rocket, the Falcon Heavy, the most powerful rocket in the world, lifts off on it first demonstration flight. The rocket leapt off Pad 39A at the Kennedy Space Center in Florida at 3:45pm. on Feb. 6, 2018. CRAIG BAILEY/FLORIDA TODAY VIA USA TODAY NETWORK>Fullscreen This image from video provided by SpaceX shows Elon Musk's red Tesla sports car with a dummy driver named "Starman" which was launched into space during the first test flight of the Falcon Heavy rocket on Feb. 6, 2018. /SPACEX VIA AP>Fullscreen The twin boosters from SpaceX's newest rocket, the Falcon Heavy make a successful landing at Landing Zone 1 at Cape Canaveral Air Force Station on Feb. 6, 2018. CRAIG BAILEY/FLORIDA TODAY VIA USA TODAY NETWORK>Fullscreen President Trump talks with Tesla and SpaceX CEO Elon Musk, center, and White House chief strategist Steve Bannon during a meeting with business leaders in the State Dining Room of the White House in Washington, Feb. 3, 2017. EVAN VUCCI/AP>Fullscreen Tesla Motors CEO Elon Musk speaks about the Interplanetary Transport System which aims to reach Mars with the first human crew in history, in the conference given by Tesla Motors CEO Elon Musk during the 67th International Astronautical Congress in Guadalajara, Mexico on September 27, 2016. HECTOR-GUERRERO/AFP/GETTY IMAGES>Fullscreen Tesla Motors CEO Elon Musk unveils the Model X at a launch event in Fremont, Calif on Sept. 29, 2015. The Tesla Motors X is an all-wheel drive SUV featuring a 90 kWh battery providing 250 miles of range and will be able to go from 0 to 60 mph in 3.2 seconds. ROBERT HANASHIRO/USA TODAY>Fullscreen CEO and Chief Product Architect of Tesla Motors, Elon Musk shows of his throwback t-shirt of the "Tesla" heavy metal band on January 24, 2015 in Park City, Utah. LILY LAWRENCE/GETTY IMAGES FOR OCEANIC PRESERVATION SOCIETY>Fullscreen Elon Musk, Tesla CEO, discusses new technologies before an event for Tesla owners and the media held at the Hawthorne Airport. In the background is a Tesla model P85D. ROBERT HANASHIRO/USA TODAY>Fullscreen SpaceX CEO Elon Musk unveils SpaceX's new seven-seat Dragon V2 spacecraft, in Hawthorne, California on May 29, 2014. The private spaceflight companys new manned space capsule is designed to ferry NASA astronauts to and from the International Space Station. The capsule was named for "Puff the Magic Dragon," a jab at those who scoffed when Musk founded the company in 2002 and set the space bar exceedingly high. SpaceX went on to become the first private company to launch a spacecraft into orbit and return it safely to Earth in 2010. ROBYN BECK/AFP/GETTY IMAGES>Fullscreen Elon Musk CEO, Cofounder, Chief Product Architect for Tesla with a new Model S car outside the Tesla customer delivery area at the Tesla Fremont factory on June 21, 2012. /JESSICA BRANDI LIFLAND FOR USA TODAY>Fullscreen Elon Musk, CEO of Tesla Motors, poses with a Tesla car in front of Nasdaq following the electric automakerís initial public offering on June, 29, 2010, in New York. /MARK LENNIHAN, AP>Fullscreen Tesla Motors president and CEO Ze'ev Drori, left, and Tesla Motors chairman Elon Musk, right, pose in the Tesla Motors development facility in San Carlos, just south of San Francisco next to a Tesla Roadster on Feb. 19, 2008. The Tesla Roadster, a $99,000 electric sports car powered by laptop computer batteries, is 100 percent electric, can go from 0-60 mph in four seconds and the electric car gets an equivalent of 135 mpg compared to a gas powered vehicle. Production begins mid-March. The car itself is being made in England. JACK GRUBER/USA TODAY>Fullscreen Elon Musk stands in front of parts of the first stage of the Falcon 9 rocket at the company's headquarters in El Segundo, Calif. on Sept. 18, 2007. DAN MACMEDAN/USA TODAY>Fullscreen
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"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 some margin on that timing," he said.
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He also said he hopes to reveal the company's long-teased electric pickup truck sometime this summer.
It will "look like it came out of a sci-fi movie," he said. "I think it’s the coolest car I’ve seen. Not everyone may share that opinion."
The vehicle's towing capacity is "designed to meet or exceed an F-150" from Ford, Musk said. "So if an F-150 can tow it, the Tesla pickup truck should be able to do it."
As the company ramps up electric vehicle production, one of its biggest challenges is sourcing enough raw material to manufacture battery cells.>
Tesla CEO Elon Musk pauses while speaking before unveiling the Model Y at the company's design studio Thursday, March 14, 2019, in Hawthorne, Calif. (Photo: Jae C. Hong, AP)
"We might get into the mining business. Maybe," he said. "We’ll do whatever we have to to ensure we can scale at the fastest way possible."
During the meeting, Musk took questions from the audience on a wide range of issues. He bashed the media for waging a "disinformation campaign" about Tesla's prospects.
He also hinted at other products to come, including some that aren't altogether realistic.
"We do actually have a design for a submarine car," Musk said when asked whether the company had its eyes on an aquatic vehicle.
"I think the market for this will be small," he added to laughter. "It would be a bit of a distraction. But maybe we'll make one as a show car at some point."
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
Source : https://www.usatoday.com/story/money/cars/2019/06/11/tesla-ceo-elon-musk-model-3-electric-cars/1426329001/
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