Look, I’m no investor relations guru but I know that if you tell shareholders your company has “dug its own grave”, your stock is getting pounded. Apparently that came as a surprise to Elon Musk after a rough earnings report for Tesla. Don’t worry, your X subscription will help keep him afloat.

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Elon Musk sounds the alarm on Tesla earnings call

Tesla reported earnings yesterday and things weren’t looking rosy. The electric carmaker missed analyst estimates on revenue and earnings per share.

Elon Musk was characteristically candid on the earnings call. Here’s what you need to know:

• Tesla “dug its own grave” on Cybertruck, according to Musk. He said deliveries of the pickup truck would finally begin on November 30, but warned of difficulties ramping up production. The boost in Cybertruck manufacturing is part of the reason for its squeezed margins.

• Tesla joined General Motors and Ford in sounding caution about expanding electric vehicle production capacity. Musk said he didn’t want to be going “top speed into uncertainty” with the economy where it is.

• The company is also concerned about the impact of high interest rates on buyers. Musk said Tesla was hesitating on plans for a factory in Mexico as it considers the economic outlook.

Investors got the message and Tesla’s stock fell in after-hours trading.

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The bottom line