DON'T MISS A MOMENT OF IT.
A LOT COMING UP THIS MORNING.
WE WANT TO KICK IT OFF HERE,
TESLA BIG BET, ELON MUSK
UNVEILED MODEL Y, SUV HE'S
HOPING WILL ENTER PRODUCTION
NEXT YEAR.
>> ALL RIGHT.
THE MODEL Y.
[CHEERS AND APPLAUSE]
>> HAS THE FUNCTIONALITY OF SUV
BUT WILL RIDE LIKE THE SPORTS
CAR, THE THING WILL BE TIGHT IN
CORNERS AND WE EXPECT WILL BE
THE SAFEST MID-SIZE SUV IN THE
WORLD BY FAR.
MARIA: NEW VEHICLE HAS A
STARTING PRICE OF $39,000, MUSK
SAYS IT WOULD HAVE THE RANGE OF
UP TO 300 MILES PER CHARGE,
JOINING THE CONVERSATION THIS
MORNING KEVIN KELLY, ALONG WITH
FOUNDER OF CHEDDAR, JOHN
STEINBERG.
>> HE GOT 500,000 PREORDERS, A
THOUSAND DOLLARS, HALF A
BILLION, WHO KNOWS WHEN HE WILL
SHIP THIS CAR AND WHAT PRICE
IT'S GOING TO BE.
>> THE IMPORTANT THING FOR HIM
HE HAS TO ROUND OUT PRODUCT
BECAUSE HE HAS COMPETITION AND
THAT'S THE BIGGEST THREAT COMING
TO TESLA.
THEY HAVE TO HAVE EVERY OPTION
AVAILABLE AND THINK ABOUT WHAT
AMERICANS WANT.
THEY WANT CROSSOVERS, THEY WANT
SUV'S, HE'S GIVING A CAR FOR THE
DEMAND THAT'S OUT THERE.
>> RUNNING OUT OF MONEY AND NICE
WAY TO GET A FEW HUNDRED MILLION
DOLLARS BUT DEPOSITS $25 MILLION
VERSUS MODEL S.
KEVIN: CHIEF LEGAL COUNSEL LEFT,
ISSUE IS THEY NEED TO KEEP
COMING OUT WITH IDEAS LIKE THIS.
MARIA: WHAT ABOUT THAT?
BURN IN TERMS OF CASH.
>> HE SHOULDN'T BE RUNNING THE
COMPANY, HE'S A GENIUS, HE'S THE
THOMAS EDISON OF OUR TIME BUT NO
NO WAY EQUIP TODAY RUN A
COMPANY.
KEVIN: WASN'T TOMAS EDISON AND
NICKLAUS ADVERSARIES?
DAGEN: PLEASE.
[LAUGHTER]
DAGEN: YOU SAID SEC IS --
[LAUGHTER]
MARIA: HE'S POKING THEM.
>> I DIDN'T MEAN IT LITERALLY.
KEVIN: THE NICE PART ABOUT TESLA
IS THEY ARE GREAT CARS.
>> I LOVE MINE.
I HAVE THE MODEL S, I WILL
PREORDER SO I'M GOING TO HELP
WITH THAT.
KEVIN: GEORGIA BACK TO IT, THEY
HAVE GREAT CARS BUT HAVING HIM
THERE IS DISTRACTION, HE SHOULD
BE CHAIRMAN OR THE COO OR CHIEF
VISIONARY OFFICER OR SOMETHING
LIKE THAT.
MARIA: YOU MENTIONED
COMPETITION, REAL QUICK TWEAK
FROM FORD, FORD MOTOR POSTED
ELECTRIC BLUE VERSION OF MUSTANG
LOGO WITH LINE, HOLD YOUR
HORSES, ELECTRIC IN FORD.
THIS IS AN IMPORTANT UNVEIL IF
THAT'S THE CASE.
>> YEAH, EMBLEMATIC WITH WHAT'S
HAPPENING, EVERY CAR WILL GO TO
ELECTRIC VEHICLES OR HALF
ELECTRIC VEHICLES AND THEY KNOW
HOW TO PRODUCE, THE PRODUCTION
CAN BE DONE BY THEM BECAUSE THEY
ARE CAR COMPANIES, I MEAN, IF
YOU LOOK AT TESLA, IT WAS A
START-UP THAT DIDN'T KNOW HOW TO
MAKE CARS, THEY HAD PRODUCTION
LINE ISSUES RAND NOW HERE YOU
ARE THE INCUMBENTS COMING AND
THEY DON'T WANT TO SEE MORE
SHARE TO TESLA.
DAGEN: JOHN HITS ON WHAT'S
IMPORTANT, THE CUSTOMERS ONTO
MUSK, ARE THEY WILLING TO GIVE
HIM THOSE INTEREST LOANS
SHORT-TERM.
>> A LOT OF CANCELLATIONS ON THE
MODEL S, PEOPLE KNOW THAT HE
DELIVERED THE CARS SOMETIME AND
NEVER, YES, I THINK THE
CUSTOMERS ARE ONTO IT.
DAGEN: AGAIN, SO THE SCHEME OF
THIS FINANCING SCHEME MIGHT BE
RUNNING OUT OF LEGS, THAT'S THE
DANGER.
>> IT'S COCKTAIL PARTY, I PUT MY
2500 DOWN.
DAGEN: THESE ARE COOL CARS.
>> I CAN DRIVE THE CAR WITH MY
PHONE.
MARIA: INCREDIBLE.
DAGEN: THEY ARE NOT THERE YET.
>> NOT WHERE CLOSE.