Tesla today reported wider-than-expected financial losses in the first quarter — due to what the company said were delivery challenges, a seasonal dip in demand and the unanticipated effects of pricing decisions.
Despite the downturn from what had been a profitable couple of quarters, Tesla CEO Elon Musk was bullish on several fronts, including rollouts for the company’s Semi truck and Model Y crossover SUV, plus the opening of Tesla’s Gigafactory in Shanghai, China.
Musk is even planning to offer car insurance policies starting next month, with pricing determined by the data that’s received from the company’s cars.
“We have direct knowledge of the risk profile of customers and the car,” he explained during today’s teleconference with financial analysts. “If they want to buy Tesla insurance, they have to agree to not drive the car in a crazy way. Or they can, but then the insurance rate is higher.”