Friday, 21 September, 2018

Tesla Faces More Model 3 Production Snarls

Tesla misses production goals for all-electric Model 3 sedan Tesla Model 3s are popping up for rent with some pretty 'premium' prices
Guillermo Lane | 06 January, 2018, 01:38

She noted that if Tesla achieves its pushed-back goal of producing 5,000 Model 3 sedans a week by the end of the second quarter, that would equal 20,000 Model 3s per month, and Tesla just completed a three-month quarter in which it made 29,870 vehicles total, including its mainstay Model S sedan and Model X SUV.

But it was already hard to see how Tesla can sell the Model 3 at its $35,000 starting price and pull in 25 percent gross margins, which are typical of higher-end luxury cars, Brinkman said.

Thursday's drop is a welcome sign for traders who have been loading up on bets against Tesla.

Although charging points are becoming more commonplace, buying an electric vehicle still brings some uncertainty with regard to how far and where you'll be able to travel.

Tesla pushed back its production targets for Model 3 electric cars once again, after delivering just 1,550 of the vehicles in the last three months of the year.

A Tesla Model S auto is seen in a showroom in Santa Monica, California, US, January 4, 2018. Specifically, Tesla is now aiming to manufacture 5,000 Model 3 units per week by the end of June.

Tesla reported its largest quarterly loss on record and spent as much as $1.1 billion in cash during the quarter ending in September.

The Drive editor Alex Roy used Tesla's new Model 3 to drive from Redondo Beach, California to Manhattan, New York in 50 hours, 16 minutes, and 32 seconds.

As a result, now that owners have their cars and can do what they want with them, some of them are trying to make a little side cash on Turo, a website where owners can rent their cars out for a daily fee. The highly automated assembly line for the Model 3 means any technical problems slow assembly dramatically.

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Beyond the Model 3, Tesla's overall vehicle deliveries were on target for the fourth quarter and the year as a whole.

The electric-car maker said it delivered 1,550 Model 3 sedans in the fourth quarter, a bit more than half of the 2,917 that Wall Street analysts were expecting.

"In the last seven working days of the quarter, we made 793 Model 3s, and in the last few days, we hit a production rate on each of our manufacturing lines that extrapolates to over 1,000 Model 3s per week", the company said in a statement. It also surpassed its 100,000-vehicle goal for 2017.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc's stock price, have a median target of $310.00, with a high estimate of $500.00 and a low estimate of $155.00.

Customers who pre-ordered a Model 3 will have to keep on waiting.

"We think there is even room to hold off returning to the capital markets if the new schedule goes slightly slower than expected", he said in an email.

Tesla said Wednesday it's making "major progress" addressing problems "with our production rate increasing significantly towards the end of the quarter".

Building the auto efficiently and delivering it without delays to customers is also critical, as the money-losing company faces high cash burn.

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