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Posts Tagged ‘tesla stock’

Musk Looks Beyond Model 3 Problems, But Creates Some Headaches in the Process

CEO talks future product, factories – but still sends stock plunging.

by on May.03, 2018

Forget those earnings numbers. Tesla CEO Elon Musk was far more interested in talking about future products, the next-gen Roadster shown here.

Tesla CEO Elon Musk is not one to suffer fools – or critics – lightly, as he proved during a 75-minute teleconference call following the release of the automaker’s first-quarter earnings report on Wednesday evening.

The South African-born executive attempted to put a positive spin on what was Tesla’s worst-ever quarterly deficit, promising future earnings while also revealing plans for new factories, new products and a new, fully hands-free version of the Autopilot system. But Musk also offered a harsh assessment of some of the reporters on the earnings call, while repeatedly cutting off analysts looking for long-term financial projections that he dismissed as “boring.”

Tesla News!

“These questions are so dry, they’re killing me,” he interjected before dismissing one analyst’s questions. Musk later shifted his disdain to reporters, at one point suggesting that by questioning the safety of Tesla’s current, semi-autonomous version of Autopilot, reporters might convince drivers to turn it off “and then die.”

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Despite Record Loss, Investors See Silver Lining Pockets in Tesla’s Q1 Earnings

Revenues beat expectation, loss narrower than forecast – but troubles remain.

by on May.02, 2018

Tesla CEO Elon Musk has taken to sleeping at the Fremont plant hoping to drive improvements in quality and production levels.

Tesla managed to beat Wall Street expectation on Wednesday, even as it reported the biggest loss in the company’s history.

But revenues exceeded expectations and the loss was actually less than anticipated, while the Silicon Valley automaker noted that production of the critical Model 3 battery-sedan reached 2,270 in the week prior to a temporary shutdown of the Fremont, California assembly plant last month. That’s up from barely 2,000 at the end of the first quarter.

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“The thing I’m most excited about is the rapid increase in output,” said Musk during a Wednesday afternoon conference call with analysts and reporters. “Production is improving dramatically, exponentially, in fact.”

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Wall Street Waiting for Tesla Earnings as Automaker Burns Through Cash

The big question: will Tesla need a new cash infusion?

by on May.01, 2018

Tesla is losing about $6,500 a minute - or about as much as a Model 3 costs in the time it takes to read this story.

Whether you’re someone who sees the glass as half-full or half-empty, there’s plenty to ponder as Tesla prepares to reveal its first-quarter earnings on Wednesday.

The California battery-carmaker saw a big surge in production of its critical new Model 3 during the January to March period – but still fell 20% short of its target. Nonetheless, that was expected to have pushed revenues up 16.5% during the quarter, to $3.14 billion, according to Zacks Consensus Estimates. But with the automaker struggling to get things running smoothly at its Fremont, California assembly plant, quarterly earnings are expected to plunge 153.4%, year-over-year, with Tesla running a per-share deficit of $3.37.

Beyond the Headlines!

Short-sellers seem to be the ones with the biggest smiles these days, as Tesla’s worsening cash burn problem leaves investors wary and worried that the carmaker may soon have to beg Wall Street for money to keep its operations going.

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Despite Problems, Musk Promises Tesla Profit in Second Half of 2018

Stock up, but not everyone convinced.

by on Apr.13, 2018

CEO Elon Musk shown exiting the back seat of a Model 3 at its debut. Musk still needs to dig out of trouble caused by Model 3 delays.

It’s been a tough few weeks for Tesla, the battery-electric automaker again missing production targets, being accused of improperly firing nearly 1,000 factory workers and being scolded by federal safety regulators for its role in investigating a fatal crash involving its semi-autonomous Autopilot system.

But that has done little to dampen the enthusiasm of CEO Elon Musk. After earlier this week suggesting Model 3 production isn’t delayed but in a “time shift,” the South African-born exec on Friday tweeted a promise that Tesla will be both profitable and produce positive cash flow by the second half of this year.

Promises, Promises!

Musk’s latest tweet came in response to a harsh Twitter post by British news magazine The Economist, which warned Tesla would need to raise more cash this year. “The Economist used to be boring,” Musk responded, “but smart with a wicked dry wit. Now it’s just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4, so obv no need to raise money.”

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Tesla Again Misses Production Target for Model 3

Output up, still 20% short of goal, according to Musk e-mail.

by on Apr.02, 2018

Tesla is finally ramping up Model 3 production but still has a long way to go to meet targets.

Tesla shares took another 5% tumble on Monday after reports surfaced that the automaker once again missed its production targets for the much-delayed Model 3 battery-sedan.

Delays in the roll-out have hammered Tesla’s balance sheet, with some analysts expecting the California carmaker to have to go back for another fundraising round. It didn’t help to have Elon Musk post an April Fool’s Day joke indicating the automaker would be declaring bankruptcy.

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In an e-mal sent to Tesla workers on Monday, Musk said production of the Model 3 had reached the 2,000 per week mark at the end of the first quarter, but that is still short of the 2,500 target Tesla had projected back around the beginning of the year, and it is even more substantially behind the original target Tesla had laid out when Model 3 production began in July 2017.

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Tesla Recalling Half of All Cars It Has Ever Built

Latest setback affects half of all vehicles company has ever built.

by on Mar.30, 2018

Tesla's Model S has now faced three recalls.

Tesla has announced that it is recalling 123,000 Model S sedans, almost half of all the vehicles it has produced since going into business.

The move, signaled by a letter sent to customers Thursday, was triggered by problems with steering bolts that could cause the failure of the power steering system on vehicles built prior to April 2016.

Breaking News!

This is at least the third instance in which Tesla had to recall a sizable share of its products due to a safety-related problem. Service actions have become more commonplace in recent years as manufacturers have come under pressure to quickly address safety problems. But the new Tesla move is significant both for its size and due to the fact that the automaker has been experiencing a series of setbacks, including the loss of roughly a third of its value in the stock market in recent weeks.

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Tesla Narrows Second-Quarter Loss as Revenues Nearly Double

Investors rally after a week-long stock slide.

by on Aug.02, 2017

Early versions of the Model 3 are shown waiting for delivery to the first buyers last week.

After taking a sharp tumble, Tesla stock rallied on Wednesday, investors responding positively to a nearly doubling of revenues during the second quarter, with the battery-carmaker’s loss for the April-June period narrowing more than analysts had expected.

Tesla clearly needed a boost after suffering a nearly $70 a share dip from the record $383.45 closing it had hit on June 23rd. And the second-quarter earnings appeared to be just the tonic needed as the company moves into the critical rollout of its Model 3 sedan.

By the Numbers!

For the quarter, Tesla reported an adjusted loss of $1.33 a share, well below the $1.82 deficit analysts had anticipated, according to consensus numbers gathered by Thomson Reuters. Meanwhile, revenue jumped to $2.79 billion, while analysts had expected a figure of $2.51 billion. (more…)

It’s Official: 1st Tesla Model 3 Rolls Off the Line

Pricing still TBD.

by on Jul.10, 2017

The first saleable Tesla Model 3 poses in front of the company's Fremont, CA plant.

Twitter-savvy Tesla CEO Elon Musk has posted a picture of what appears to be the first “saleable” Model 3 sedan to roll off the battery-carmaker’s Fremont, California assembly line, a critical step in Tesla’s push to become a truly mainstream manufacturer.

But the company appears to have pushed back on its promise to start taking official orders for the new Tesla Model 3 on Friday and still has not given a clear sense of pricing for the compact battery-electric vehicle. A visit to the Tesla website only reveals the same information that had been up there for some time, among other things noting a “starting price” of $35,000.

Breaking News!

Tesla has a lot riding on the Model 3 launch. Though there are plenty of skeptics, Musk has outlined a plan that would take the company’s production to 500,000 vehicles in 2018 – a sixfold increase from 2016 – and Model 3 would account for about 80% of that total.

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A Good Week Gone Bad for Tesla

Update: GM overtakes Tesla as EV maker's stock collapses.

by on Jul.06, 2017

Tesla hoped for a big boost by announcing the production launch of the new Model 3.

(This story has been updated to reflect the continuing plunge in Tesla stock on Wednesday.)

What started out as a week full of fireworks for Tesla may be turning into a dud.

The automaker’s high-flying stock suddenly has taken a nosedive since traders returned from the long Fourth of July holiday, falling 7% on Wednesday and, by midday Thursday dipping nearly another 5 percent. At around $310 per share by mid-afternoon, TSLA was not only off sharply from the record $383.45 set on June 23rd, but with a market capitalization of just under $51 billion. the value of Tesla had slipped behind that of General Motors for the first time in nearly three months.

Insight!

That’s clearly not what CEO Elon Musk had in mind when he tweeted on Sunday that Tesla was planning to start production of the eagerly awaited Model 3 on Friday. That’s the same day, he added, that Tesla would formally begin taking orders for the vehicle that is expected to transform the carmaker from a niche to mainstream player.

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Tesla Back in Consumer Reports’ Good Graces

Models S, X rewarded for return of auto-braking.

by on May.24, 2017

Tesla temporarily disabled auto-braking when it revised its hardware before finish a software upgrade.

After slamming the automaker for some serious concerns over safety, Consumer Reports has upgraded two of Tesla’s battery-electric vehicles.

The non-profit publication slammed both the Tesla Models S and X last month when it discovered the recently updated EVs did not have working automatic emergency braking, or AEB, systems – something that was offered on the older versions of the electric sedan and SUV. Using over-the-air updates, however, Tesla has activated that technology on the newer models.

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“It’s uncommon for a newer vehicle to be less capable than an older vehicle, especially when it comes to safety,” said CR’s director of automotive testing, Jake Fisher.

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