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Ultimately, however, Musk maintained that Tesla will soon prove its critics wrong once more.

The company released a teaser for the vehicle last June and at the time promised a launch date in 2019.

Musk told investors during the earnings call that Model Y production wouldn't start until "early 2020" at the earliest. The new venue will be announced by the end of 2018. But since peaking in September 2017, the shares have slumped by more than 26 per cent, as concern has grown about ongoing production problems for the Model 3, and the prodigious amount of cash the company is burning through.

He has suggested that the architecture of the vehicle will be aimed at rapid and simple manufacturing. It would significantly reduce the overall electric wiring.

Musk turned to Twitter this Friday to defend his behavior that had caused a 5% dip in the share value of Tesla.

Tesla's Fremont facility is "jammed to the grills", so the Model Y needs to be produced at a new location.

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The new auto, dubbed the Model Y, will be positioned as a smaller and cheaper version of the company's Model X SUV.

However, production of the Model 3 hasn't been going smoothly. Tesla has reportedly sent out a Request for Information (RFI) about Model Y parts to component suppliers. We can expect the battery pack to be shared with Model 3 to keep the cost down.

The China plant won't be able to roll out the first Model Y until 2021 or later. Full-year spending will be less than $3 billion, Tesla said, down from a prior estimate of more than $3.4 billion.

During Wednesday's call, Spak asked about customer reservations for the Model 3 sedan, while Sacconaghi wanted to know about Tesla's capital requirements. Musk interrupted him to say that boring questions are "not cool" and called for the next question. When asked if Tesla might need an infusion of capital, Musk responded: "Excuse me".

Jefferies analyst Philippe Houchois said the underlying business fundamentals were more important in any capital raise, although "management credibility" was also a factor.

Tesla's stock dropped more than 5% on Thursday after Musk, speaking after the electric auto maker reported stronger revenue than expected, dismissed two questions about Model 3 orders and reduced spending plans. The company lost $784.6 million on revenue of $3.41 billion in the first quarter.


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