Tesla is prepping for Model Y production, Musk says
Tesla is prepping for Model Y production, Musk says
"Keeping Summer safe is a pretty bloody reference for Elon Musk to make. Adult Swim
31 January, 2019, 18:55
The bull vs bear debate is poised to heat up following Tesla Inc.'s (TSLA.O) fourth-quarter results Wednesday post-market, and analysts are placing their bets on the naysayers. For the full year, the company lost $976.1 million. The results came almost nearly two weeks after the electric-car maker warned the pressure to achieve a profit and make the Model 3 more affordable led to more than 3,000 job cuts.
He plans to go back into retirement after a few months and continue to serve as a senior adviser, probably for several years, according to Musk.
Wall Street is expecting profits to fall compared to last quarter.
Shares in Tesla Inc fell almost 4 percent on Thursday as Wall Street analysts following up on its fourth-quarter results questioned underlying demand for its crucial Model 3 sedan and the electric auto maker's ability to make inroads in China.
"We believe fourth-quarter results and the 2019 outlook give something for bulls and bears to exercise their imaginations".
The Palo Alto, Calif., auto maker reported fourth-quarter earnings per share of $1.93 on an adjusted basis, below Wall Street's forecast for $2.20 a share.
Tesla said it ended the quarter with $4.3 billion in cash and said it could pay a $920 million convertible bond maturing in March.
This will reduce the costs of producing the Model Y, says Musk - further working towards the EV maker's goal to produce EVs at an affordable price.
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However, Tesla said it expects to turn a profit in each quarter of 2019.
"It is critical that we continue this trend so that we can keep increasing the affordability of Model 3 while retaining a sustainable level of profitability", the company said in a statement.
Musk noted that after a year that was both challenging, and its most successful, Tesla had grabbed 80 per cent of the EV market in the USA, with the Model 3 being the most successful premium vehicle of any type.
Tesla shares rose by 3% Wednesday to more than $307 apiece.
Tesla's fourth-quarter Model 3 deliveries of 63,150, announced earlier in January, came in slightly below consensus estimates of 63,700.
But the company's irascible founder Elon Musk remained upbeat, telling investors 2018 was its "most successful" year as well as its most challenging.
Musk announced a 7 percent workforce reduction earlier this month, saying it was crucial to cut costs to roll out a lower-priced, yet still profitable, Model 3.
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