How much can Elon Musk still allow?

With an adjusted loss of up to 35 cents per share, the analysts had expected, in the end it was $ 1.12 per share and with 6.35 billion dollars, a much lower than expected sales. On the night of Thursday, the Tesla share broke after the stock exchange by more than ten percent. Elon Musk was able to shine with a delivery record at the beginning of July. How does that work?

“We are well positioned to continue to grow production and deliveries in the third quarter,” Musk said on July 2. This optimistic statement was just over three weeks ago, the stock had just recovered.

In addition, the announcement Musks in the announcement of the recent quarterly figures that the long-standing CTO JB Straubel retire from the operating business and will in future only act as a consultant. It must have been Straubel, who once brought Musk aboard the company. Now he gives the helm to Drew Baglino.

Tesla still makes a loss with every delivered car

According to the quarterly report, Tesla delivered a good 95,000 vehicles in the first three months of the year, but at the same time lost more than $ 408 million – a much larger sum than expected. Musk feels misunderstood by the shocked reactions: “The growth rate is not properly recognized,” said the 48-year-old.

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If one compares the delivery figures with those of the same quarter of the previous year, this results in an increase of around 80 percent. “That’s the best exponential graph I’ve ever seen,” Musk said. “It’s difficult for people to feel exponential growth, but Tesla is growing exponentially.”

Also interesting: Tesla’s first autonomous taxis should be launched in 2020

How long should Tesla be restructured?

High costs for the production and the delivery of the hopefuls model 3 are with responsible for the fact that the electric car manufacturer sank in the second quarter surprisingly deep into the red numbers. Furthermore, Tesla makes with each delivered car loss, but Musk remains positive.

Just a month ago, Morgan Stanley analyst Adam Jonas Tesla dubbed “a credit and restructuring story,” and Bernstein analyst Max Warburton said he was “structurally unprofitable.” The Wall Street Journal commented on the stock crash with the succinct sentence: “The days of the company as growth story come to an end.”

But what happens then?

Musk claimed at night to further increase deliveries. But even if this ambitious goal is achieved (400,000 by the end of the year with a balance of 160,000 to half-year), there is a catch: Because the sales of high-priced models is declining, the interest in the cheaper Tesla models is there, but not fast enough to fill the revenue gap.

And: A company like Tesla is no longer a start-up that can devour funds for a long time. Tesla will definitely have to make a profit soon if the company wants to keep its investors.

Investors need patience – and understanding for a bit of megalomania

Elon Musk is repeatedly accused of eccentricity and megalomania, but at the same time also the ability to make the impossible possible and to see it way beyond the horizon. How much of this is realistic? Musk continues to expect at least nearly positive results in the third quarter.

Tesla is now financing itself, he said – except, of course, for the stages when new products or sites were launched. The fact that some of these are planned for the coming months and years, may optimistically tuned investors may tick off as a further promising investment in the future. The departure of Straubel, however, the investors Musk take offense: With the co-founder of Tesla has left after some top managers of the most high-profile the company.

This message can not be optimistic for Elon Musk, although Straubel said in a statement, “I just wanted to make sure people understand that it’s not because of any lack of confidence in the company or team or something.” Either way: A positive signal for Tesla, this departure is not.

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