RUSH TRANSCRIPT Take a ░░░░░░░░ at how Tesla is ░░░░░░░░ in the after hours ░░░░░░░░ Losses of almost 5 ░░░░░░░░ the stock They are ░░░░░░░░ with the four year ░░░░░░░░ forecast Let s bring ░░░░░░░░ David CEO of new ░░░░░░░░ David what do you ░░░░░░░░ of the results Miss ░░░░░░░░ miss and distraction with ░░░░░░░░ continued decline in fundamentals ░░░░░░░░ the Tesla business just ░░░░░░░░ I think I and ░░░░░░░░ others have predicted competition ░░░░░░░░ taking its toll and ░░░░░░░░ think that the valuation ░░░░░░░░ a long way to ░░░░░░░░ to get back to ░░░░░░░░ reasonable I don t ░░░░░░░░ need in terms of ░░░░░░░░ to see the business ░░░░░░░░ is going to fail ░░░░░░░░ you think Elon Musk ░░░░░░░░ enough to talk up ░░░░░░░░ cyber truck and what ░░░░░░░░ you expecting from that ░░░░░░░░ I m expecting more ░░░░░░░░ a razzle dazzle Let ░░░░░░░░ talk about the cyber ░░░░░░░░ We will deliver one ░░░░░░░░ November He said it ░░░░░░░░ take at least 18 ░░░░░░░░ to get up to ░░░░░░░░ and for them to ░░░░░░░░ a dollar on the ░░░░░░░░ truck Complained about how ░░░░░░░░ it was to put ░░░░░░░░ together All the things ░░░░░░░░ lot of other people ░░░░░░░░ saying is true Cyber ░░░░░░░░ is a gimmick That ░░░░░░░░ it I don t ░░░░░░░░ you ll ever make ░░░░░░░░ for anybody I don ░░░░░░░░ tickets a great product ░░░░░░░░ it s a distraction ░░░░░░░░ the underlying fundamentals the ░░░░░░░░ way spacex ships to ░░░░░░░░ used to be a ░░░░░░░░ from his inability to ░░░░░░░░ production goals Musk is ░░░░░░░░ master of persuasion of ░░░░░░░░ and that s why ░░░░░░░░ think the stock is ░░░░░░░░ overvalued and why there ░░░░░░░░ so much risk at ░░░░░░░░ it anywhere close to ░░░░░░░░ current prices You talk ░░░░░░░░ competition Tesla was supposed ░░░░░░░░ have their first mover ░░░░░░░░ even with multiple price ░░░░░░░░ this year they seem ░░░░░░░░ be struggling What s ░░░░░░░░ problem here The problem ░░░░░░░░ the same as it ░░░░░░░░ ever been There are ░░░░░░░░ lot of other car ░░░░░░░░ that can make electric ░░░░░░░░ Tesla had a disproportionately ░░░░░░░░ share of the market ░░░░░░░░ it did have first ░░░░░░░░ edge First mover advantage ░░░░░░░░ not last forever It ░░░░░░░░ not afford a permanent ░░░░░░░░ advantage You have to ░░░░░░░░ running to stay ahead ░░░░░░░░ people are coming after ░░░░░░░░ What we are seeing ░░░░░░░░ the competition is catching ░░░░░░░░ in Tesla is forced ░░░░░░░░ lower prices and deal ░░░░░░░░ lower margins like other ░░░░░░░░ companies Ultimately it s ░░░░░░░░ nowhere close to having ░░░░░░░░ close to the kind ░░░░░░░░ production required to justify ░░░░░░░░ price that 240 bucks ░░░░░░░░ share We think 26 ░░░░░░░░ a share is probably ░░░░░░░░ fair price and even ░░░░░░░░ could be a risk ░░░░░░░░ he also blamed the ░░░░░░░░ economic geopolitical environment saying ░░░░░░░░ the world is as ░░░░░░░░ people are not thinking ░░░░░░░░ buying cars does that ░░░░░░░░ sense to you David ░░░░░░░░ makes her hard for ░░░░░░░░ Spending will go down ░░░░░░░░ rode the wave of ░░░░░░░░ of the biggest liquidity ░░░░░░░░ in increases of all ░░░░░░░░ in the history of ░░░░░░░░ world Super low interest ░░░░░░░░ and all of the ░░░░░░░░ stimulus all of these ░░░░░░░░ were wind in the ░░░░░░░░ of a lot of ░░░░░░░░ companies that are overpriced ░░░░░░░░ is one of many ░░░░░░░░ Tesla is the poster ░░░░░░░░ of benefiting from a ░░░░░░░░ of subsidies These subsidies ░░░░░░░░ go away these credits ░░░░░░░░ going to go away ░░░░░░░░ will see margins come ░░░░░░░░ to be much lower ░░░░░░░░ because Tesla still is ░░░░░░░░ close to the scale ░░░░░░░░ the legacy automakers so ░░░░░░░░ don t have the ░░░░░░░░ infrastructure to achieve the ░░░░░░░░ and returns on investor ░░░░░░░░ long term that the ░░░░░░░░ do Haidi concerns over ░░░░░░░░ in terms of the ░░░░░░░░ plant as well David ░░░░░░░░ when has there not ░░░░░░░░ a delay has anything ░░░░░░░░ ever been delivered on ░░░░░░░░ As Musk actually ever ░░░░░░░░ anything on time The ░░░░░░░░ estimate That s what ░░░░░░░░ mean by distraction We ░░░░░░░░ Revenue we missed our ░░░░░░░░ we missed on margins ░░░░░░░░ about the cyber truck ░░░░░░░░ that will save the ░░░░░░░░ In the same breath ░░░░░░░░ mentions the cyber truck ░░░░░░░░ generate a single dollar ░░░░░░░░ for another 18 months ░░░░░░░░ people need to pay ░░░░░░░░ to the fine print ░░░░░░░░ the details Roll up ░░░░░░░░ sleeves understand the fundamental ░░░░░░░░ fundamentals and understand risk ░░░░░░░░ We are no longer ░░░░░░░░ an environment where the ░░░░░░░░ will keep billing people ░░░░░░░░ Water is coming out ░░░░░░░░ the pool We will ░░░░░░░░ who s wearing trunks ░░░░░░░░ and Tesla are not ░░░░░░░░ any swimming trunks and ░░░░░░░░ will want to sell ░░░░░░░░ more they understand that ░░░░░░░░ David always great to ░░░░░░░░ your insight New construct ░░░░░░░░ his views on Tesla ░░░░░░░░ Elon Musk Let s ░░░░░░░░ to another earning