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Tesla shares rise after Elon Musk says there is no demand problem

Tesla Inc. Chief Executive Elon Musk took the stage at the company’s shareholder meeting Tuesday seeking to dispel concerns about demand and production that have plagued the Silicon Valley car maker for months.

Judging by Tesla’s TSLA, +1.98% stock action in the extended session, Musk succeeded. The shares rose nearly 4% after hours, having traded around 1.5% higher as the meeting started at 2:30 p.m. Pacific, and after a 2% gain in the regular session.

“I want to make clear there’s not a demand problem. Sales have far exceeded production and production has been pretty good,” Musk said, adding that Model 3 sales have far outstripped the sales of its main competitors, both in units and in dollar amount.

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