In the last week of June 2018, US manufacturer Tesla produces 7,000 cars. These include 5,000 Model 3 electric sedans, beating its goal of producing 5,000 Model 3s per week before the close of the second quarter to demonstrate it could mass produce the battery-powered sedan. The company has promised to eventually sell the Model 3 at US$ 35,000, seeking to go mass market. Short sellers lost over US$ 2 billion in June due to Tesla’s rising share price. On Friday 29 June its shares closed at $342.95, up 40% since a year low in April. In May Tesla shares fell 5.6% after its CEO Elon Musk in an earnings call rejected analysts’ questions on another quarter in which the company burned more than US$ 1 billion in cash and pushed back production of its Model Y. Musk dismissed their obsession with short-term financials and described their queries as “so dry”, adding “boring, bonehead questions are not cool”.
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