Tesla Model 3 volume production delayed 3 months as company posts loss of $619.4 million

https://www.autoblog.com/2017/11/01/tesla-model-3-production-delayed/

quote

san francisco, nov 1 (reuters) - tesla inc on wednesday pushed target volume production on new model 3 sedan 3 months, saying while progress fixing bottlenecks made, difficult predict how long take production issues fixed.

company reported biggest quarterly loss ever, below analysts' expectations, sending shares down 5 percent after hours after falling 3 percent in normal trade.

tesla, led silicon valley entrepreneur elon musk, said expects build 5,000 model 3s per week late in first quarter of 2018 original target date of december.

tesla said main constraint faced within battery module assembly line, company had redesign part of production process.

money-losing tesla's long-term viability depends on model 3, new sedan starts @ $35,000, half price of flagship model s.

niche carmaker has made inroads among luxury car buyers advanced technology , innovative design in model s sedan , model x suv. tesla plans produce 500,000 vehicles in 2018, model 3s, six-fold increase on 2016 levels.

palo alto, california-based company made 260 model 3 sedans in third quarter due "production bottlenecks," said. had planned build more 1,500.

model 3 production delays mean postponed sales , exacerbate company's cash burn, made worse tesla pays fix current manufacturing issues. problems worry on 500,000 customers have put down refundable deposit on car.

tesla posted net loss of $619.4 million, or $3.70 per share, third quarter ended sept. 30 compared profit of $21.9 million, or 14 cents per share, year earlier.

revenue rose 30 percent $2.98 billion. excluding items, company lost $2.92 per share.

company said had $3.53 billion in cash , cash-equivalents of sept. 30, compared $3.04 billion @ end of second quarter.

last month, tesla reported delivered 26,150 vehicles in third quarter, 4.5 percent rise on same period of 2016, added "production bottlenecks" had left company behind planned ramp-up $35,000 model 3.

click expand...

is tesla worth more ford or gm? can't execute 1 launch correctly.

 

tesla looking vw in quality control , reliability. seem have issues endless small things.

 

Forums Mac Community Politics, Religion, Social Issues

• iPhone
• Mac OS & System Software
• iPad
• Apple Watch
• Notebooks
• iTunes
• Apple ID
• iCloud
• Desktop Computers
• Apple Music
• Professional Applications
• iPod
• iWork
• Apple TV
• iLife
• Wireless