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Tesla CEO Elon Musk Says Three Years to Production Start in China
03 Noviembre 2017, 04:20 | Azura Castelo
Tesla chairman and chief executive Elon Musk at the presentation of the Model 3 PA Images
But the loss, of $3.70 per share, compared to a profit of 15 cents per share in the third quarter past year was a far bigger decline than Wall Street had predicted. That contributed to a record $619 million loss for the third quarter, the numbers far worse than even Wall Street's increasingly pessimistic analysts had forecast.
Its Q3 statement also reported revenue of $2.98 billion and an adjusted loss per share of -$2.92.
"Tesla's cash burn is astounding, and time is ticking", said Salim Morsy, an electric-car analyst at Bloomberg New Energy Finance.
If you're part of the crowd with a $1,000 (U.S.) deposit down on a Tesla Model 3, the only questions now are, how long will you have to wait?
Now, however, the skies ahead look brighter, according to Elon Musk, although the Tesla CEO declined to give an estimate of when Model 3 production will reach 10,000 per week - given the uncertainty surrounding what other challenges may crop up along the way. Tesla says it now expects to make 20,000 Model 3's per month by the end of March.
Tesla released two videos showing the Model 3 production line at work - the body shop welding station and the final vehicle assembly area, to be more precise.
"Model 3 has been designed for manufacturability, so the vehicle itself is not hard to build".
According to Tesla's latest guidance, it expects its 4Q17 Model S and Model X to be about 10% lower as compared to 3Q17.
Despite the production woes, Tesla has still had a phenomenal year in terms of stock performance.
But the bottlenecks and delays getting the new assembly lines up and running have prompted at least one shareholder lawsuit alleging that Tesla and Musk improperly hid its problems from its investors. This would bring total Model S and X deliveries in 2017 to about 100,000, up 30% compared to 2016. When asked by Deutsche Bank's Rod Lache on whether Tesla had plans to invest in building a factory in China and what the impact might be on the company's capital expenditures, Musk noted that Tesla will not have any significant expenditures in China next year.
Tesla will also reveal its electric Semi on November 16.
The problem arose in Tesla's Gigafactory in Nevada, where the battery modules are built.
The shares are down 5.98% to $301.89 in early trading Thursday. If the investors still hold on to their Tesla shares and Musk manages to ramp up production to more decent levels, like 2,000 units per week towards the end of 2017, then confidence might return. "Elon Musk needs to stop over promising and under delivering". "The Tesla AI team, which is fundamental to achieving full autonomy, strengthened dramatically this year, with a number of the world's best AI engineers and researchers joining our company".
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