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How Tesla's Stock Jumped 200% in Half a Year | WSJ - YouTube
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- Elon Musk has painted this world
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of electric cars that
can drive themselves,
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but if he couldn't keep
the company afloat,
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then was Tesla going to be
able to survive long enough
[10]
for Elon Musk to deliver this vision.
[13]
- [Narrator] Less than a year ago,
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things looked bleak for Tesla,
[15]
when shares dropped below $200.
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But, in just seven short months,
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CEO Elon Musk has turned the company
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into the most valuable
U.S automaker of all time.
[27]
So, how did the embattled founder
[29]
get back to delivering the
impossible for his shareholders?
[32]
- 2017 and 2018 were
largely a trip through hell
[36]
for Elon Musk and Tesla.
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Things didn't work out as planned.
[39]
- [Elon Musk] Boring, bonehead
questions are not cool.
[41]
Next.
[43]
- [Joe Rogan] It's tobacco
and marijuana in there.
[45]
That's all it is.
[47]
- Today, the SEC filed
securities fraud charges
[49]
against Elon Musk, stemming
from his August 7th, 2018
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statements that he was
considering taking Tesla private.
[57]
- [Narrator] These image problems for Musk
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were compounded by
production issues for Tesla.
[61]
Model 3 deliveries were delayed
[63]
and the promised $35,000
price tag was never met.
[67]
- He had very ambitious targets
[69]
to build the Model 3
compact car in California,
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and it turned out way
harder than he expected,
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in part because of Elon
Musk's vision for automation.
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He talked about an idea of being
able to turn the lights off
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and let the robots do their work.
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Well, the plan and the vision
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turned out to be much more complicated
[85]
than anyone anticipated or
at least he anticipated.
[89]
- [Narrator] Then, on day one of 2019,
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U.S. customers were hit with
an effective price increase
[94]
to buy any Tesla.
[96]
The federal tax credit for
electric vehicles was cut in half
[99]
as part of a planned year-long phase out.
[102]
- The company announced it was
lowering the vehicle's price
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because it was essentially
trying to counteract
[107]
that effective price increase.
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Some took that as a sign
that Tesla perhaps had peaked
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at the number of customers in the U.S.
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willing or able to afford
that higher-price Model 3.
[120]
- [Narrator] A week later,
Tesla started construction
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of a new factory in
China, the country's first
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entirely foreign-owned car plant
without any local partners.
[128]
- China's the world's largest auto market,
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huge consumer of electric
vehicles and luxury vehicles,
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so, in a lot of ways, a really
good place for Tesla to play.
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- We're incredibly excited to break ground
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on the Shanghai Gigafactory.
[144]
- Elon promised that,
by the end of the year,
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the factory would be up and running
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and they would be building cars.
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That was a remarkable promise to make,
[152]
and a lot of close auto industry observers
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really questioned if that
was gonna be possible,
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thinking that perhaps this was yet again
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another overly ambitious target
[162]
that Elon Musk was setting for the company
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and that in reality it would
probably take much longer.
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- [Narrator] First quarter
sales were worse than expected,
[169]
beginning the year with a loss
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just months after Musk
ensured shareholders
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that Tesla would be profitable
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every quarter into the
future, short of a disaster.
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- Analysts looked at it, and
they really began to wonder
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what the demand level
was like here in the U.S.
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Some of the older vehicles,
like the Model S and the Model X
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had been the underpinning
of the company's business,
[190]
and if demand was falling
off for those vehicles,
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that would raise questions about
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the financial house that Tesla had built.
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- [Narrator] The stock continued to fall,
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and in early June Tesla closed
at just under $179 per share,
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the company's lowest
closing price of 2019.
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- So the third quarter,
we're starting to see
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the fruits of Tesla's labor.
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They've been working to get the Model 3s
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to Europe and into China.
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And a turning point for Tesla in 2019
[218]
was really the announcement
of a surprise profit,
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and the company started looking like,
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well, maybe they are on the right track
[226]
and a return to a story
of potential growth.
[231]
(audience cheering)
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- [Narrator] At the end of November,
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Musk revealed Tesla's
long-awaited Cybertruck,
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the world's first electric pickup truck.
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- Doesn't look like anything else.
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(audience laughing)
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- [Tim] As the event began to unfold,
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they were talking about features that
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really you don't normally
talk about in a new car
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such as windows that were bulletproof.
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And so, onstage, Elon and his people
[257]
were making a demonstration of this,
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and they got these metal balls.
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- Sure?
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- [Elon] Yeah.
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(smashes window)
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Oh my God!
(crowd oohing)
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- This like unheard of,
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that you normally don't see a CEO onstage
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with such a colossal
demonstration gone awry.
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So the next day, you might
think the stock might go down,
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but in fact you're
seeing huge conversations
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about this vehicle.
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- [Narrator] Just days later, Musk tweeted
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that more than 250,000 people
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had placed pre-orders for a Cybertruck.
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- From there, something
interesting happened.
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It returned the conversation
to the future of Tesla.
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It was always what had they done today
[295]
and why were they struggling
to get these cars out,
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and what Musk had been able to do
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is put the conversation yet
again to this new vision
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of what he was promising
for personal transportation.
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(upbeat dance music)
(crowd cheering)
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- [Narrator] Exactly a
year after breaking ground
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at the Shanghai factory,
Tesla held a press conference
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to announce their first deliveries
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of China-made Model 3s
to Chinese customers.
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The car maker also confirmed it had met
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another of Musk's
seemingly impossible goals:
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delivering at least 360,000
electric vehicles in 2019.
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- The surprise here was that Elon
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delivered on what he'd promised,
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something that he'd struggled in the past,
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but here he was executing,
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something that really enthused investors,
[340]
because if he could
deliver on these promises,
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what other promises could he deliver on?
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- [Narrator] Tesla just reported
another profitable quarter,
[347]
but the future is still uncertain.
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The company has yet to
deliver a full-year profit,
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and it's unclear how long
success in China will last.
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The entire Chinese car market
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has been falling steadily for two years,
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and demand for electric vehicles
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has declined for the past few months.
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- There's still a question
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about whether Tesla got into China
[368]
a little bit too late, if
the party might be over,
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so one of the things that Tesla's
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gonna face here in the coming months is,
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what's the demand for its vehicles?
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(soft piano music)
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