Last night, 60 Minutes recapped Tesla's (TSLA 358.73, +0.77, +0.21%) eventful year
and interviewed Chief Executive Elon Musk.
Mr. Musk recalled the “insane stress” he was under this year while in “production hell” for Tesla's first mass market electric vehicle, the Model 3. He said he hasn't censored himself on Twitter despite the reprimand from the SEC for his “funding secured” tweet that forced him to relinquish the Chairman role on Tesla's Board. He said he doesn't respect the SEC after 60 Minutes portrayed him as an unconventional CEO. He also said that Tesla would fulfill his promise by offering a $35K Model 3 next year. Battery costs are the primary impediment to making one profitably, but battery prices continue to fall.
Yesterday, the one-man marketing machine tweeted about enhanced autopilot features.
On Friday morning, Tesla stock hit a four-month high after Jefferies upgraded it to Buy.
In Late October, Tesla surprised analysts by reporting a record profit. The stock is up 25% since then. Tesla expects to be profitable going forward, but the electric car company still draws plenty of skeptics. Much to the chagrin of short sellers, Tesla, with a market cap over $60 bln, is the most valuable U.S. car company.
If demand for the Model 3 can be sustained, like Model S demand did for years, Tesla has potential to report some impressive growth in the coming quarters.
The $360 area has provided resistance for the stock for a year and a half.
Tesla will announce fourth quarter production and deliveries in the first week of January.
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