Investor's Corner
Top 10 questions Tesla (TSLA) investors want answered in the Q4 2019 earnings call
Tesla’s (NASDAQ:TSLA) retail and institutional investors are aggregating a number of inquiries that will potentially be addressed by the electric car maker’s executives in the upcoming Q4 2019 earnings call, which will be held later today, January 29, 2020. The questions are aggregated from verified TSLA shareholders by Say, a startup that aims to create and develop investor communication tools.
Using the platform, Tesla’s retail and institutional investors have been submitting and voting on inquiries they wish to be discussed and clarified by the electric car maker. Here are a number of notable questions that garnered a high number of votes from the company’s retail and institutional shareholders.
Retail Shareholders
- You set expectations that you would be feature complete on FSD by the end of 2019. Can you please provide an update on when we may see this with end users? Where are you in retrofitting the FSD computer to older models?
- Since solar is required for all new home construction in CA, do you have any substantial orders for Solarglass Roofs from any of the larger California homebuilders (KB Homes, etc) that you can share? What’s the 2020 target for the number of Solarglass roof installations in CA?
- Tesla’s vehicle delivery compound annual growth rate has increased each of the last 5 years and sits at 88% over the last 2 years. How should we think about that rate going forward? Will Tesla achieve that by expanding GF1-4, accelerating the pace of new Gigafactories, or both?
- How many CA owners are currently insured with Tesla Insurance? What’s the target for Tesla Insurance in 2020? When will you start to significantly leverage the data you have from Tesla fleet to lower your cost of coverage? Will we get premium discount for percentage of miles driven on AP?
- Will you release the Tesla Ride Hailing network/app before full autonomy and change the terms of Tesla Insurance to allow owners to be drivers on the network? If so, when will this happen? Might want to target California airports first. Also good place to add Superchargers.
Institutional Investors
- You have spoken previously about Shanghai Giga being 65% lower CAPEX per unit of capacity. Have you learnt to do anything better or differently from an OPEX perspective and if yes what kind of impact might we expect on the long-term gross margin?
- Given the recent run in the share price, why not raise capital now and substantially accelerate the growth in production (i.e. Gigafactories), investments in Supercharger and customer service?
- Can we please talk about cost control and OPEX sustainability in terms of growth vs gross profit growth? How did we achieve the recent OPEX trends and how should we think about OPEX needs as we grow both vehicles and geo workloads?
- Elon, given your public statements around the Maxwell acquisition and published research from Dalhousie University, do you expect a significant improvement in battery technology and further vertical integration by Tesla in the battery supply chain?
- Elon, can you give us an update on the Dojo project you talked about at Autonomy Day? Beyond that, any details on Tesla’s self-supervised learning efforts—along with how these efforts are helping Tesla achieve FSD capabilities—would be great.
Tesla is yet to fully confirm if it will be entertaining questions from Say in the upcoming Q4 earnings call, though the company has regularly addressed inquiries from retail shareholders in past quarters. By doing so, Tesla is essentially democratizing the process of communicating its earnings to shareholders and institutional investors. Such a strategy is yet another step away from convention, considering that traditional earnings calls usually feature exclusive questions from Wall Street analysts and the occasional member of the media.
Tesla’s fourth-quarter earnings call is expected to be held on Wednesday, January 29, 2020 at 3:30 p.m. Pacific Time (6:30 p.m. Eastern Time).
The full list of questions from TSLA’s retail and institutional investors listed on Say could be accessed here.
Investor's Corner
Tesla crushes Wall Street expectations, beats delivery estimates by over 15 percent
Tesla (NASDAQ: TSLA) beat Wall Street expectations of 406,000 vehicles delivered in Q2 by reporting 480,126 deliveries for the three months ending in June.
Tesla reported it delivered 467,762 Model 3 and Model Y units, while 12,364 Model S, Model X, and Cybertrucks switched hands during the quarter. The Model S and Model X were officially sunset this past quarter and will no longer be part of the company’s Production & Delivery reports moving forward.
🚨 BREAKING: Tesla delivered 480,126 vehicles in Q2, ANNIHILATING Wall Street expectations of 406,000. Production was reported at 451,758.
Deliveries:
Model 3/Y: 467,762
Other Models: 12,364Production:
Model 3/Y: 442,936
Other Models: 8,822 https://t.co/TTHwQAsKt8 pic.twitter.com/7qI4Zj6FE5— TESLARATI (@Teslarati) July 2, 2026
The quarter is a pleasant surprise and a good rebound from Q1, when Tesla slightly missed the Wall Street consensus of 365,645 cars by reporting 358,023 deliveries for the first three motnhs of the year.
Energy storage deployments also provided some strength in Tesla’s delivery report, hitting 13.5 GWh for Q2. This is a particular division of Tesla’s business that has been overwhelmingly robust over the past few years, truly being a strong point of the company’s overall model.
For the year, Tesla analysts still predict deliveries to trend in the 1.69 million unit region, a modest 3 to 5 percent increase from the 1.64 million cars the company delivered last year. Tesla will likely return to more sequential and noticeable year-over-year growth as the Cybercab project starts to ramp up considerably in the next few years.
Tesla has some other potential catalysts to spur vehicle deliveries, too. Not only is it expecting Cybercab to truly start making a change in the next few years, but other vehicles could be entering the company’s lineup.
Tesla sends production Cybercab with no steering wheel, pedals to on-road testing
The slightly longer Model Y L has been a highly speculated release candidate in the U.S. It has already done incredibly well in China, and U.S. buyers have been wanting slightly more interior space than the Model Y. Now that the Model X is gone, it is more needed than ever.
Q2 highlights a pretty stable automotive division within Tesla, and no true concerns arise from these figures, especially considering it managed to beat expectations convincingly.
Investor's Corner
Tesla gets its latest short from Michael Burry: ‘Happy it jumped back to this level’
Tesla short seller Michael Burry, the subject of the film “The Big Short,” where he was portrayed by Steve Carell, has revealed he has opened a new bet against the stock.
In a new update to his Substack newsletter in a post titled “Trading Post June 30, 2026,” Burry revealed a new set of bets against Tesla, Caterpillar, NVIDIA, Applied Materials Inc., and the iShares Semiconductor ETF.
In regard to Tesla, Burry wrote:
“And finally I shorted Tesla at 416.22. Happy it jumped back to this level.”
This means Burry likely opened his new short position after the company’s recent rally on Wall Street, which saw Tesla shares sink in mid-May, only to recover to well over the $400 mark. Currently, shares trade at around $427.
The company saw a big Tuesday as shares climbed considerably, over 10 percent. The size of the Tesla short was not provided, nor did Burry give any information on the position’s structure, the number of shares, dollar value, or whether options were used in the short.
The Tesla and SpaceX merger everyone is talking about is quietly building
Over the years, Burry has been one of the more vocal critics of Tesla, calling its share price “media inflated,” and saying it was “ridiculously overvalued” as recently as December.
The company has largely transitioned away from being known as an automotive company and instead is much more widely regarded as an AI play, mostly due to its Full Self-Driving efforts, Optimus robot development, and data collection related to both.
This has not pulled those skeptics away from being vocal about their distaste for how Tesla is valued, but there’s no denying that the company is a global force in many things, including sustainable energy, automotive, and AI.
Wedbush Securities is initiating stock coverage on SpaceX (NASDAQ: SPCX), marking the first comments on the company since it went public several weeks ago. Wedbush and its analyst handling coverage, Dan Ives, are widely bullish on fellow Musk company Tesla (NASDAQ: TSLA).
Ives wrote his first note initiating coverage of SpaceX shares on Wednesday with a $190 price target and an ‘Outperform’ rating. The firm believes the company is well positioned off of its IPO because of its wide array of projects, including AI compute power and infrastructure, connectivity projects, and launches.
“We view SpaceX as one of the most differentiated assets within the tech market with a strong footprint across its three core markets, with Starlink driving success with connectivity,” Ives wrote, “Starship launches leading to a demand flywheel and increasing deal flow for its Colossus clusters.”
Elon Musk called it Epic: The full story of SpaceX’s Starship Flight 12
Wedbush leans heavily on Starlink, which they say is the “profitability driver given the strength of its recurring revenue base of ~12 million subscribers as of June 5th.” Ives believes Starlink is still in the “early innings” of penetrating the global telecommunications and broadband market, as it only holds less than a 1 percent share. However, this number is sure to increase over time.
It also highlights the importance of Starship, which it says is an “essential layer” of SpaceX’s overall success. SpaceX developing and displaying the ability to reuse rockets is a major cost and reliability advantage “as it reduces the necessary hardware launch costs while generating a feedback loop for future flights to improve their launch flight rate without accelerating capex spend.”
Finally, SpaceX’s recent AI/Compute projects are also very elementary, Ives writes. It is worth mentioning Wedbush said its $190 price target is derived from a valuation forecast that sees the company yielding roughly $2.48 trillion of implied enterprise value.
There are also some factors that Wedbush did not take into account with its initial coverage. The firm wrote in the note:
“We note that there is optional value coming from Starship’s accelerating scale towards sub-$200/kg unit economics, orbital data centers, and enterprise AI monetization as these factors could drive meaningful upside but these face major hurdles, so we do not take that into account with our valuation.”
SpaceX shares are down just over 2 percent today, trading at around $167 at the time of publication.
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