Monday, 17 December, 2018

Tesla has record loss in fourth quarter due to Model 3 delays

Because of how the car's projected orbit aligns with Earth's orbit astronomers on the ground probably won't be able to spot the roadster again until late in the 21st century Tesla has record loss in fourth quarter due to Model 3 delays
Russell Knight | 09 February, 2018, 02:55

The Roadster is in an even more elongated orbit now that stretches from Earth on one end, all the way to the neighborhood of Ceres on the other. Musk handed over the first batch of its new electric cars to employees during a splashy event in July 2017, but production (and deliveries) have fallen short of expectations due to bottlenecks at its factory. Tesla believes that 2018 will be the year when they will achieve true cost parity - "producing a premium EV like the Model 3 will be no more expensive than producing an ICE vehicle, something that many believe is not yet possible". Tesla's non-GAAP automotive gross margin in Q4 was 13.8%, down significantly from its 22.2% gross margin in the year-ago quarter.

Electric auto maker Tesla has reported a record loss of $675.4 million - $4.01 per share - on a revenue of $3.29 billion in the fourth quarter of 2017.

But Musk said that the company is still on target to produce 2,500 Model 3 vehicles by the end of Q1 and 5,000 units per week by the end of Q2.

The American aerospace manufacturer and space transport services is one of the two companies partnering with Nasa to ferry astronauts to the International Space Station (ISS) and back. India's transport minister, Nitin Gadkari, has promised to roll out the red carpet for Musk, offering land and other help to attract a Tesla plant.

Tesla's predictions for 2018 sound optimistic, but it's still not entirely clear what has caused the Model 3 production delays or how Tesla plans to fix them. And in January, Tesla revised its projections yet again, stating that it now intends to hit 5,000 per week by mid-year.

HOW TO WATCH: 2018 PyeongChang Winter Olympics Opening Ceremony, Winter Games
For more information on NBC Olympics' coverage of the PyeongChang Olympics, please visit: http://nbcsportsgrouppressbox.com/. Siblings Maia and Alex Shibutani (known as the ShibSibs on Twitter ) will be contending for a medal in this event.

Samsung Galaxy S8 and S8
The availability of the update has begun in Germany, however, there is not confirmation as to when it will reach other regions. Talking about the Oreo update for the Galaxy S8 duo, there will be a new interface in the form of Samsung Experience UX.

US Markets Try to Rally After Monday's Plunge and Global Selloff
The latest decline takes the Dow, which is now down 3.5% this year, back to where it was on November 28, 2017. It's 10.2% drop since its January 26 record high is its biggest since a 14.2% fall ending in February 2016.

During Q4, Tesla opened 12 new store and service locations resulting in 330 total locations worldwide at the end of the year.

It seems like old news now, but SpaceX made history in 2010 by becoming the first private company to send its own spaceship to orbit and recover it.

In an unusual way for automakers to raise cash, Tesla takes deposits from customers for products that have been unveiled but are not yet in production. Combined Model S and Model X deliveries in Q4 grew 10 percent globally compared to their prior record in Q3, and they grew 28 percent compared to Q4 2016. Last year, Bloomberg calculated that Tesla was spending $8,000 a minute.

The company has struggled to build its first mass-market vehicle, the Model 3, because of bottlenecks in battery module production. To keep him around for the long haul, the company last month proposed an unprecedented pay package for the 46-year-old CEO that strictly ties his compensation to stock performance and profit.

Tesla can turn back to the market to raise additional capital, a move analysts expect. Also avidly interested will be numerous hundreds of thousands of would-be buyers who put down $1,000 deposits, starting nearly two years ago, to reserve Model 3s. Customer deposits also increased from $663 million to $858 million.

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