Tesla production snags delay Model 3 electric vehicle
02 November, 2017, 00:50 | Author: Lester Mason
The firm also delayed its production target for its new Model 3 auto.
Tesla warned that its adjusted gross margin would decline to about 15 percent due to a higher mix of lower-margin Model 3 deliveries in the fourth quarter, but then recover in the first quarter of 2018. But the company produced just 220 Model 3s in the third quarter, far less than the 1,500 Musk promised.
The electric carmaker issued its latest earnings report Wednesday, and the firm did little to assuage investors' concerns that Tesla would be able to significantly ramp up Model 3 production in the near future.
Electric-car maker Tesla (TSLA) swung to a $671 million loss in the third quarter as it struggled to ramp up production of its new Model 3 small auto.
And the problems will continue.
Tesla said the main constraint was its battery module assembly line at its Nevada Gigafactory, where the company had to redesign part of the production process. That was well below the $2.45 a share deficit that a consensus of industry analysts had forecast, according to Thomson Reuters. Wall Street is only getting neutral on the stock, with 7 of analysts who cover TSLA having a buy-equivalent rating. Evercore ISI decreased their target price on shares of Tesla from $330.00 to $312.00 and set an outperform rating for the company in a research note on Sunday. The company opened 18 stores and service stations worldwide during the quarter, and set up 126 new Supercharger stations to try to prepare for the increase in demand from Model 3 buyers.
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Given this, Tesla said it was now targetting production of 5,000 Model 3 cars a week by the end of March, instead of by the end of this year.
Tesla stock closed at $321.08 Wednesday, down 3.15%, and was falling further in after-hours trading.
During Q3, we received record net orders for Model S and Model X, setting the stage for what should be an all-time record for deliveries of these vehicles in Q4. During the same period in the previous year, the firm posted ($1.06) earnings per share.
Tesla saw capital expenditures of about $1 billion in the fourth quarter and said it was "well capitalized" for the delayed Model 3 production schedule.
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. Sustainable energy generation and storage is a critical part of Tesla's mission and will drive long-term revenue growth and profits.
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