Tesla Still Struggling With Production, But Skies Are Beginning To Clear
03 November, 2017, 00:16 | Author: Sam Montgomery
Musk goes on the defensive.
Tesla said it had produced just 260 of the Model 3 cars in the third quarter, less than a fifth of the 1,500 vehicles it had planned to build. Wednesday night, Teslaposted another loss, greater than the one before it, but with revenues and sales hitting record highs at the same time.
But they were more divided on Musk's assurances that the company was now on top of the Model 3 issues and well-capitalised for the extra investment needed to resolve them.
If that wasn't bad enough news, Tesla also reported its biggest quarterly loss ever. with a net loss of $619.4 million.
But is this just a "flash in the pan", as Tesla executives insisted during a Wednesday evening conference call, a temporary setback that will soon be overcome, or is it the sort of critical failure that could have a much longer impact on Tesla's health? Pittenger & Anderson Inc. increased its position in shares of Tesla by 20.0% in the second quarter. He expects margins to expand next year.
Tesla will fall short of its new Model 3 production quota after the electric vehicle giant conceded it was months behind schedule.
The job cuts followed Musk's prediction to employees in July that Tesla would be entering a period of "production hell" in getting Model 3 manufacturing started.
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After months of trouble-shooting, "We understand these bottlenecks", but things have so far improved only slightly. It is positive, as 83 investors soldTesla Inc shares while 159 reduced holdings. Musk blamed problems with a subcontractor supplying a battery module, and the need for extensive rewriting of related software.
"I was really depressed about three or four weeks ago", he said. "Journalists and editors with low integrity failed to provide any context", Musk said, as quoted by Business Insider. However, it has now announced that that will not be achieved until the first three months of 2018.
Yet it's easy to see the reason for the focus on Model 3: this is the first affordable Tesla, at US$35,000 and it is widely seen as the ultimate guarantee of the company's future profitability. Without that the carmaker won't be able to come close to the 500,000 annual production target.
"It does seems [Tesla has] an endless amount of resources since they're such a Wall Street darling", she said.
Currently Tesla expects to deliver around 100,000 units of Model S and Model X in 2017, up 30% from 2016. Some observers believe the Chevy model has been picking up customers who have begun writing off Tesla.
WARNING: "Tesla Inc. (NASDAQ:TSLA) Shares Bought by Shell Asset Management Co." was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal.
Several other research analysts have also recently commented on the company.
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