Tesla burnt $ 1 billion in Q1 and Musk finds analysts' questions 'boring'

The earnings report started optimistically enough, with Elon Musk forecasting an end to Tesla Inc.’s cash-burning days after blazing through another $1 billion last quarter.

But by the end of Tesla’s first-quarter conference call, Musk was berating analysts for asking “boring” questions, the shares had plunged and any shred of predictability was out the window.

Musk, 46, has built up a showman’s reputation as the founder and chief executive officer of Tesla, calling on true believers to help him overcome the “haters” who question his company’s ability to usher in an electric-vehicle age on an ambitious timetable. His performance Wednesday revealed his willingness to bite the hand that feeds, ridiculing representatives of Wall Street’s biggest banks who tried to pinpoint how he’d live up to his promises to build more Model 3 sedans and generate cash in the second half of the year.

“The boring questions can also be categorized as the tough ones,” said Dave Sullivan, an analyst at AutoPacific Inc. “I hope the Tesla fans know how to swim, because without the answers to the tough questions, it looks like Musk is leading them straight into the water.”

Car makers to whiskey blenders: Winners & losers of US-China trade war

China on Wednesday hit back at US President Donald Trump's plan to impose tariffs on $50 billion of Chinese imports by proposing additional tariffs of 25 per cent on 106 categories of US goods, including soybeans, autos, chemicals and some types of aircraft.

The trade tensions brewing between the world's two largest economies hit global markets, with shares of industrial companies with exposure to Chinese markets, such as Boeing Co and Deere & Co, among the hardest hit.

The following are some of the possible winners and losers among US companies and sectors:

AUTO COMPANIES:

* US automaker General Motors Co urged the two countries to engage in constructive dialogue over trade. The company's stock fell as much as 3 per cent before reversing course to close nearly 3 per cent higher.

* GM rival Ford Motor Co also lost as much as 3 per cent before rebounding to close 1.6 per cent higher while electric carmaker Tesla Inc , which depends on China for 17 per cent of its revenue, fell as much as 5.8 per cent before retracing losses to end up over 7.2 per cent. Shares of Fiat Chrysler fell as much as 3.4 per cent before recovering to end up nearly 2 per cent.