Tesla shares fall despite hitting Model 3 production target

03 July, 2018, 06:33 | Author: Elaine Woods
  • Tesla’s Model 3

That's a 55% increase from the first quarter, "making it the most productive quarter in Tesla history by far", the company said in the Tesla Model 3 announcement.

Doug Field was relieved by Elon Musk as head of Model 3 production in April and is now taking a break from the company.

The accounts vary slightly: Elon Musk reportedly sent an internal email saying that Tesla hit the target of producing 5,000 Model 3 cars in a week.

One worker told Reuters that, to meet the goal, employees from other departments were dispatched to parts of the Model 3 assembly line to keep it running constantly, and breaks were staggered "so the line didn't stop moving".

Model 3 production tripled to 28,578 in the company's second quarter from the previous quarter, Tesla said.

In an email, Mr Musk praised staff for reaching the much-delayed goal, helped by setting up production in a tent. At the same time, Musk issued a voluntary recall of 123,000 Model S Teslas because of faulty power steering. The boost in productivity has been attributed to GA4, the new Tesla production line which is located in a tent.

However the company still fell short of what Wall Street had expected for total deliveries.

"In the interim, we do not see this production rate as operationally or financially sustainable", said CFRA analyst Efraim Levy.

The Model 3 was first unveiled in 2016 and at the time Tesla said it planed to produce 5,000 Model 3 cars a week in 2017 and 10,000 a week by 2018. Amid a cash crunch, Tesla has focused on Model 3 options with sticker prices above $US65,000, as opposed to the more affordable $US35,000 base model, which it has yet to begin building.

Boogie breaks the NBA: Reactions to GSW getting Cousins
However, it's certainly a risk that the Warriors are willing to take to acquire a superstar for just the mid-level exception. Speaking of which, no one on the Warriors roster past year averaged more than nine rebounds per game last season.

Belgium defeats England 1-0 to win Group G amidst questionable stakes
He contradicted himself by essentially saying England is still growing ahead of a fixture in which it can't afford to be uncertain.

England fans show excitement in sing-off with Panama supporters
Kyle Walker expects Panama to give England a tough test on Sunday, insisting the World Cup clash will be no "walkover".

"The last 12 months were some of the most hard in Tesla's history, and we are incredibly proud of the whole Tesla team for achieving the 5,000 unit Model 3 production rate".

"I think we just became a real vehicle company", Mr Musk wrote. It had to hire more people to work at the factory.

Musk said that Tesla was targeting 6,000 Model 3s a week in the next month.

Tesla more than doubled EV production in Q2 versus Q1, the automaker has confirmed today, with Model 3 cars rolling off the line - including the new tent facility - at a rate of more than 5,000 per week by the end of June 2018.

He continued: "The level of dedication and creativity was mind-blowing".

"This is very positive news for Tesla because the Model 3 takes them from a niche core producer to a mainstream automobile manufacturer", Tigress Financial Partners analyst Ivan Feinseth said.

No standard automotive solution could be built in time, so we created a new solution.

The Model 3 push has been tough for the company.


  • Here's what LeBron James' free-agency means for Houston

    Here's what LeBron James' free-agency means for Houston

    The 4x NBA MVP can still return to the Cavs on a five-year $207.4 million deal or go elsewhere, such as Los Angeles. James' decision to opt out of his contract shrinks the number of teams that could be potentially pursuing him.
    Senegal commitment explains fair play exit, says Cisse

    Senegal commitment explains fair play exit, says Cisse

    Victory for the lowlands country in the final group game on Thursday night could be a win for both sides, the Taoiseach said. Belgium now face Japan in Rostov-on-Don on Monday while England play Colombia in Moscow on Tuesday in the knockout phase.
    TSX jumps with energy stocks in wake of OPEC deal

    TSX jumps with energy stocks in wake of OPEC deal

    Trump weighed in again after Friday's OPEC decision was announced, tweeting: "Hope OPEC will increase output substantially". A large decline in inventories at the storage hub of Cushing, Oklahoma helped trigger the rally, traders said.
  • "Fortnite" Developer Epic Games Is Working On Playground Mode Re-Release

    Fortnite Playground mode was meant to be the big Battle Royale release this week but the LTM was taken offline soon after launch. MrPopoTFS on Reddit (a developer at the game) has clarified when we can see an update for Playground mode hit.
    Bali flights cancelled, thousands affected after Mount Agung erupts again

    Bali flights cancelled, thousands affected after Mount Agung erupts again

    They can also contact their respective airlines to reschedule their flights or ask for a refund, depending on the options given. Volcanic ash is a potentially deadly threat to aircraft that can cause engines to "flame out".
    How Deandre Ayton will fit in within the Phoenix Suns

    How Deandre Ayton will fit in within the Phoenix Suns

    The Denver Nuggets took a chance on the Missouri star with the final pick in the lottery at No. 14. The Phoenix Suns traded with the 76ers to get Villanova's Mikal Bridges in the first round.
  • Lump that moved across woman’s face leads to stomach-churning find

    Lump that moved across woman’s face leads to stomach-churning find

    An Oregon woman made headlines earlier this year when she yanked a worm from her inflamed eye, National Geographic reported . The worm turned out to be a relatively harmless parasite that she contracted from a mosquito bite .
    Saudi energy minister says market demands more oil in H2

    Saudi energy minister says market demands more oil in H2

    Iran, OPEC's third-largest producer, has so far been the main barrier to a deal as it called on OPEC to reject pressure from U.S. OPEC did not say which of its members would supply the additional crude, which should start to flow into the market in July.
    President Trump threatens 20 percent tariff on European cars

    President Trump threatens 20 percent tariff on European cars

    That list includes roughly 160 products such as United States sunbeds, paper towels, corduroy trousers and porcelain tableware. Canada said its tariffs of up to 25% on almost $13 billion of American products will take effect on July 1.
  • Cleveland pool hours to be extended if heat wave hits

    Cleveland pool hours to be extended if heat wave hits

    The hot weather is especially risky for young children, elderly people and people with health problems, it said. With winds that won't be that strong, it may cool down a bit near Lake Michigan as the day progresses.
    Uruguay's Godin holds key to locking out Ronaldo

    Uruguay's Godin holds key to locking out Ronaldo

    Back in 2006, they defeated Netherlands 1-0 in the so-called "Battle of Nuremberg" to progress to the World Cup quarterfinals. Portugal will be boosted by the return of Joao Moutinho, who only appeared as a late substitute against Iran due to illness.
    Saudi Arabia beat Egypt despite Salah strike

    Saudi Arabia beat Egypt despite Salah strike

    Egypt keeper Essam El Hadary became the oldest player in World Cup history when his side lost 2-1 to Saudi Arabia on Monday. That changed in the 41st minute when the Asian side were awarded a penalty for Ahmed Fathy's handball.


Did Vladimir Putin phone call inspire Russian Federation to beat Spain?
There was another shock in the World Cup as Spain crashed out of the competition against Russian Federation . It has been confirmed that legendary midfielder Andres Iniesta has retired from Spanish worldwide duty.

Melania Trump to visit immigrant children holding centres
Richard Blumenthal of CT was among those who toured a shelter at the Tornillo border crossing in West Texas. But Mr Trump had suggested the families would instead be detained together.

Cavani sends Uruguay to World Cup last eight as Portugal bow out
In the end, Cavani's two goals were enough to sink Portugal 2-1 and cancel out a Pepe equalizer and send Ronaldo home. Uruguay , going by their form in the group stages, will have the edge over Portugal .

Januzaj stunner sees Belgium beat England to top spot
If that is tied, then the victor will be decided by a coin toss. It's been a unusual end to an absorbing World Cup group stage. So did Romelu Lukaku , who has scored four for Belgium .

France, Germany seek new migration solutions as rescue ships left adrift
The draft conclusions included calls to speed up returns to countries tasked with processing them, such as Italy, causing anger in Rome.

Seven Men Held In Connection With Bronx Teen’s Machete Murder
Lesandro "Junior" Guzman-Feliz was dragged out of a store on Bathgate Avenue and killed by a group of men with a machete. On Monday night, a huge vigil attracting hundreds was held outside, while thousands attended a wake for the boy .

Lakers, LeBron James, and the Kawhi Leonard sweepstakes
The Lakers believe that landing Leonard could help them attract free agents like LeBron James and Paul George this offseason. Kyle Kuzma and Brandon Ingram have been featured most prominently in any suggested trade proposals with the Spurs.

Federation Internationale de Football Association opens case against Shaqiri & Xhaka over controversial eagle celebrations
Football's world governing body Fifa is investigating whether they broke rules on political and offensive messages. Both the Switzerland and Serbia teams played down any political factors before the game last Friday.

Sampaoli not revealing Argentina XI to face Croatia
Croatia has advanced with six points from two matches in Group D, while Argentina has only one point and is facing elimination. Their latest ad featuring two of world'd greatest footballers, Cristiano Ronaldo and Lionel Messi are at the centre of it all.

Chris Paul Telling People LeBron Prefers L.A. Over Houston
But LeBron and the National Basketball Association don't work that way, so they have to do the next best thing. However, the Cavaliers aren't in much position to make changes to the roster that will be appealing to LeBron.