Tesla CEO Elon Musk Just Put a Huge Rumor to Bed

There aren't too many company-specific events that draw the attention of everyday and professional investors quite like electric-vehicle (EV) manufacturer 's (NASDAQ: TSLA) annual shareholder meeting. Getting to hear CEO Elon Musk discuss Tesla's progress and what innovations can shape the future is the type of stuff that excites Wall Street and growth-seeking investors.

The reason Musk and his company are given so much credence on Wall Street is because Tesla has been able to do something that no other automaker has done in more than a half-century: successfully build itself from the ground up to mass production. Although this production ramp has cost a pretty penny, Tesla looks to be on track to produce 1.8 million EVs in 2023.

Furthermore, Tesla has been profitable, based on generally accepted accounting principles (GAAP), in each of the past three years. Meanwhile, the EV divisions of virtually every new and legacy automaker are deeply in the red.

Continue reading

Source Fool.com