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Posts Tagged ‘Model 3 news’

Tesla Denies Reports of More Model 3 Production Snags

Slow ramp-up expected to yield weak earnings for Q4.

by on Jan.26, 2018

Tesla CEO Musk had high hopes for Model 3 when it was unveiled at this splashy event.

Tesla is denying reports that it continues to face major manufacturing issues delaying the critical ramp-up of Model 3 production, an issue that could lead to a serious cash crunch in the months ahead.

The automaker launched its first mainstream, long-range model last July, but what CEO Elon Musk described as “production hell” resulted in serious delays last year, and according to new reports , production isn’t accelerating nearly as quickly as Musk and other senior executives had promised. Some of the biggest issues, according to company insiders quoted by CNBC, involve the Gigafactory plant in Nevada that produces batteries for the Model 3.

Product News!

For its parts, Tesla is describing the report as “extremely misinformed and misleading,” and a statement added that, “To be absolutely clear, we are on track with the previous projections for achieving increased Model 3 production rates that we provided earlier this month.” (more…)

Tesla Delivers: First 30 Owners Get New Model 3s

Company ramping up to 5,000 vehicles per week target.

by on Jul.29, 2017

Elon Musk, Tesla founder and CEO, talks through a design issue on Model 3 during the new vehicle's debut.

In front of a crowd of thousands of cheering Tesla employees, Elon Musk may have taken the shortest victory lap ever, driving a new Model 3 onto a stage, a route of probably less than 500 feet to kick off the delivery of the first 30 Model 3s to customers.

Though the hype leading up to the moment was tough to escape, it was a milestone moment in the company’s history — a moment many thought to be a pipe dream about a decade ago when Musk was running around with the Roadster telling folks a mainstream EV was the company’s goal and that it would happen.

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“The whole point of Tesla was to build a great affordable electric car,” Musk said last night. “That’s what this day means. I’m confident it’ll be the best car in its class, gasoline or not, hands down.” (more…)

Tesla Loses Nearly $900 Million in 2015

Stock price jumps after Model 3, profitability news.

by on Feb.11, 2016

Tesla CEO Elon Musk delivered sour financial results, but the company's stock rose 9% anyway on bright product news.

Tesla announced it lost more money in the fourth quarter of 2015 than it lost in all of four quarters of 2014 — $320 million compared with $294 million – and its stock rose 9%.

In fact, Tesla lost $889 million on revenue of $4 billion for the full year compared with a loss of $294 million on revenue of $3.2 billion in 2014 on an unadjusted basis. Tesla’s adjusted full-year revenue of $5.29 billion was slightly below analysts’ forecast of $5.38 billion.

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Despite the annual loss coming in three times higher, investors were happy for three reasons. (more…)