Elon Musk: 'we dug our own grave' with Cybertruck; Tesla slumps
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Tesla (NASDAQ:TSLA) dropped in premarket Thursday after the EV maker reported earnings late Wednesday and investors balked at comments about its Cybertruck.
Shares were down -5%, weighing on the broader market but off their lows.
The company reported a decline in operating margin, but held full-year deliveries guidance.
Shares were initially up slightly, but moved into the red during the earnings call when CEO Elon Musk tried to rein in expectations on the Cybertruck.
"I mean, we dug our own grave with Cybertruck," Musk said. "Cybertruckâs one of those special products that comes along only once in a long while. And special products that come along once in a long while are just incredibly difficult to bring to market, to reach volume, to be prosperous."
"I do want to emphasize that there will be enormous challenges in reaching volume production with the Cybertruck, and then in making a Cybertruck cash flow positive," he said. 
"So, I just want to emphasize that while I think this is potentially our best product ever and I think it is our best product ever, it is going to ... require immense work to reach volume production and be cash flow positive at a price that people can afford."
Musk said it will take "a year to 18 months before it is a significant positive cash flow contributor."
"I think weâll end up with roughly a 0.25 million Cybertrucks a year, I donât think weâre going to reach that output rate next year. I think weâll probably reach it sometime in 2025. Thatâs my best guess."
Read the full earnings call transcript.

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