{"id":93598,"date":"2015-05-07T08:41:09","date_gmt":"2015-05-07T12:41:09","guid":{"rendered":"http:\/\/www.thedetroitbureau.com\/?p=93598"},"modified":"2015-05-07T08:41:10","modified_gmt":"2015-05-07T12:41:10","slug":"tesla-loses-money-in-q1-model-x-coming-in-q3","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2015\/05\/tesla-loses-money-in-q1-model-x-coming-in-q3\/","title":{"rendered":"Tesla Loses Money in Q1, Model X Coming in Q3"},"content":{"rendered":"
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Tesla founder Elon Musk has reason to smile: the Model X is expected to hit the road in the third quarter.<\/figcaption><\/figure>\n

Tesla founder Elon Musk offered up only optimism even as the company reported an adjusted $45 million loss, or 36 cents a share, during the company\u2019s first-quarter earnings call.<\/p>\n

While the company lost money, it\u2019s adjusted revenue came in at $1.1 billion, which is the first time the company topped that number in a quarter. Tesla’s results were better than expected by analysts, which had a consensus estimate of $1.05 billion in adjusted revenue and an adjusted loss of 49 cents per share. Additionally, Tesla delivered 10,040 cars during the period \u2013 also a first.<\/p>\n

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Power Up!<\/figcaption><\/figure>\n

“I’m feeling pretty good about things,” Musk said during a conference call with analysts. The maker expects to produce more than 12,000 vehicles this quarter.<\/p>\n

The Palo Alto, California-based EV maker reported orders for the Model S were up in North America and Europe, but China continues to lag expectations. Tesla reiterated it expects to sell 55,000 Model S sedans and Model X SUVs this year.<\/p>\n

Counting the oft-delayed Model X as part of the production mix this year was welcome news for investors. Musk said the company is building and testing prototypes now. Consumers will be able to order Model X\u2019s in July, Musk said, and Tesla should begin delivering them at the end of the third quarter.<\/p>\n

“We want to iron everything out, make sure it’s good, and then deliver at high volume,” said Musk, adding that he hopes to reveal a prototype of the Model 3, which is expected to be the maker\u2019s entry-level model, next March.<\/p>\n

(Tesla reveals Powerwall energy storage system. For more, <\/em><\/strong>Click Here<\/a><\/span><\/strong>.)<\/em><\/strong><\/p>\n

\u201cThe Model X needs to go on sale\u00a0soon and have no major issues during its launch,\u201d said Karl Brauer, Kelley Blue Book Insights senior director. \u201cAny further Model X\u00a0delays will reflect poorly on Tesla, though getting it to market is only\u00a0half the battle.<\/p>\n

\u201cInterest will be huge initially, reflecting the current\u00a0market\u2019s hunger for all things SUV, but if something derails the Model X’s rollout and keeps Tesla from taking full advantage of the hype and pent-up\u00a0demand it will be a missed opportunity to generate substantial revenue in\u00a0a short period.\u201d<\/p>\n

(<\/em><\/strong>Click Here<\/a><\/span><\/strong> for details about Tesla CEO Elon Musk\u2019s salary.)<\/em><\/strong><\/p>\n

The company is confident enough in its growth to continue expanding. Its gigafactory that will produce not only batteries for vehicles, but also for homes and commercial buildings has garnered a lot of attention; however, the company also quietly acquired a stamping company, Riviera Tool, based in Grand Rapids, Michigan.<\/p>\n

The 100-employee company supplies Tesla with stampings for its production facility in Fremont, California. Tesla is expected to keep the current workers and eventually rename the operation Tesla Tool & Die, according to the Detroit Free Press. The plant also supplies parts to other automakers, which is also expected to continue.<\/p>\n

(To see more about why young and affluent car buyers like EVs, <\/em><\/strong>Click Here<\/a><\/span><\/strong>.)<\/em><\/strong><\/p>\n

The gigafactory has been in the news lately with the Musk\u2019s recent announcement about the production of batteries for homes and commercial buildings. He noted that they basically sold the factory\u2019s first year of production capability in a week and that the facility could focus on just those offerings and run at full capacity for some time.<\/p>\n

Musk said that the company already has 38,000 reservations for the home wall unit and 2,500 from large industrial companies or utilities. He\u2019s considering increasing the production capacity of the plant, for which construction only recently began in Nevada.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla’s Elon Musk was optimistic even as the company reported a $45 million Q1 loss, during a call noting that the Model X will be ready in Q3 and gigafactory production may need to increase, giving him reason to be happy. For more, go to TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":54703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[8],"tags":[],"make":[],"post-state":[],"category_old":[151],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/93598"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=93598"}],"version-history":[{"count":0,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/93598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/54703"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=93598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=93598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=93598"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=93598"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=93598"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=93598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}