Monday, 20 May, 2019

Tesla Earnings: Model 3 Production Is Ramping Up

Patty Aguilar | 09 February, 2018, 16:26

And with traditional automakers slow to cannibalize their combustion engine vehicles, he thinks it's going to be hard for them catch up to on electric, despite the production problems plaguing Tesla's new Model 3 sedan, its first vehicle aimed at the mass car-buying market.

Tesla will drive one of its vehicles across the United States in autonomous mode sometime during the first half of 2018, CEO Elon Musk said during the company's fourth-quarter earnings call on Wednesday.

Tesla will take a self-driving vehicle across the United States in autonomous mode during the first half of 2018, CEO Elon Musk said during the company's fourth-quarter earnings call on Wednesday. Those are not the kind of figures a company or its investors like to see, though Tesla pinned the high number costs associated with producing its Model 3 electric auto.

The big forward-looking news from the quarter was that Tesla maintained its aggressive target for achieving a Model 3 production rate of 2,500 units per week by the end of this quarter.

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SHIFTING TARGETS. Tesla delivered 101,312 Model S sedans and Model X SUVs past year, up 33% over 2016 and ahead of its targets, according to preliminary figures released last month. While the pertinent figures are buried at the bottom of a long-winded financial report extolling the progress Tesla has made in 2017, they reveal a $675 million loss on $3.29 billion in revenue for the three-month period ended December 31. The company has never made a full-year profit since it went public in 2010. Revenue for the quarter was $3.3 billion, which was in line with analysts' forecasts. "It's just a matter of time", Musk said on a conference call with analysts. Tesla also notably maintained its target for a Model 3 production rate of 5,000 units per week by the end of Q2.

Shares of Tesla are up about 2% in early trading Wednesday after CEO Elon Musk's other company, SpaceX, successfully launched a Roadster on it's Falcon Heavy rocket Tuesday afternoon.

SHIFTING TARGETS: Tesla delivered 103,181 vehicles past year, up 35 percent over 2016 and ahead of its targets. Analysts were expecting a loss of $3.12 per share, according to Thomson Reuters I/B/E/S. The proposal must still be approved by Tesla's shareholders, who are scheduled to vote in late March. "I expect to remain CEO for the foreseeable future".

CASH BURN: Tesla has lofty targets, including building a plant in China and launching a small SUV in 2020. All that costs money, which Tesla is burning through at a fast clip. But Musk said that the technology is well on its way.

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