Car Industry

Conan drags Tesla's financial situation with 'Tesla TBD' product debut

The heart of the joke hides in the fine print at the end of the bit.

When Tesla makes news, it makes news beyond the auto industry. This week, following an OK-but-not-great-by-any-stretch Q1 financial report, the company's business made the late-night talk show circuit.

Conan had a clever little bit where he showed a preview of Tesla's latest product, the Tesla TBD. While there are some clever jokes about what it might be, the hardest-hitting part of the joke is saved for the end, where it points out that the reservation for the product (which is several years out) is a cash grab meant to avoid devaluing shares through issuing more stock. Ouch.

Tesla's first-quarter results were better than analysts expected, and while it did post record revenues, it also posted a record loss in excess of $700 million. The company is still losing money on every Model 3 it makes, but it believes that it'll reach profitability some time in the last two quarters of this year.

The quarterly conference call with investors, analysts and journalists took a turn for the weird when CEO Elon Musk started referring to standard business-related questions from respected analysts and investors as "boring," choosing instead to gab with a YouTuber who brought up products that have no bearing on Tesla's current situation, like an autonomous sharing ecosystem and the Model Y SUV. And we thought 2017 was weird.

(Hat tip to Jalopnik!)