At Tesla shareholder meeting, Musk assures “there is not a demand problem”


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Tesla held a shareholder meeting in Mountain View, Calif., on Tuesday afternoon, and CEO Elon Musk addressed the audience on a number of issues facing the company before taking questions from shareholders.

Tesla had a complicated first half of the year. It achieved significant Model 3 delivery, but reportedly sluggish demand for the Model S and X has dragged the company down. Some analysts have turned bearish on Tesla after Musk promised profitable quarters going forward in Q4 2018 but then missed profitability badly in Q1 2019.

But Musk defended his company’s health in his initial statement to the audience. He told shareholders “I want to be clear that there is not a demand problem… Sales have far exceeded production, and production has been pretty good. We have a decent shot at a record quarter… if not, it’s going to be very close.” Musk added that 90 percent of orders are coming from non-reservation customers.

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