Tesla cash burn condoned as Musk focuses on electric future

Aug 05, 2017, 00:22
Tesla cash burn condoned as Musk focuses on electric future

Musk said that Tesla learned a lot of lessons from the previous models and they are going to apply what they learned in the Model 3.

The electric vehicle maker has cautioned that its rollout of the Model 3, its first attempt at a mass-market auto, would face challenges.

The company delivered 22,026 cars this past quarter, and Musk predicted the company would be producing 5,000 cars per week by the end of 2017 and 10,000 vehicles per week toward the end of 2018, translating into 500,00 cars per year.

Last quarter, Tesla promised that, despite its long history of delays, production of the Model 3 sedan would start on time in July.

Tesla also claims that orders for both the Model S and X have been up, as well. Consensus estimates now stand at adjusted losses of $1.88 per share on $2.5 billion in sales.

Musk said: "Upon the council of my executive team to reel me back from the cliffs of insanity, the Model Y will, in fact, be using substantial carryover from Model 3 in order to bring it to market faster".

Fox News fabricated faux news with Donald Trump, lawsuit claims
The Associated Press reports Rich was killed in July 2016 during what police say was likely a robbery gone wrong . A new lawsuit claims the story wasn't only concocted, but quarterbacked by the Trump administration.

Amit Shah eyes Parliament; to contest Rajya Sabha election from Gujarat
BJP's woman tribal leader Sampatia Uike from MP will be fielded in the RS by-election from Gujarat , Union Minister JP Nadda said. He had contested Assembly elections from Siddhpur constituency in 1998 as Congress candidate but lost to BJP's Jay Narayan Vyas.

State health officials confirm first 2017 case of West Nile virus
Denton County Public Health (DCPH) is reporting its first human case of West Nile virus (WNV) for 2017 in Denton County. Between 20 and 25 percent of them will develop a fever, headache, loss of appetite, nausea or a skin rash, he said.

The German company's items are already in Tesla's Model S cars, the world's top-selling electric auto, but the Model 3 - priced at $35,000 in the United States - has the possibility to substantially outsell the $60,000 Model S.

"Early Model 3 launch milestones look strong, but the $2bn of 2H capex will make your eyes water", said Morgan Stanley analyst Adam Jonas.

During Wednesday's Q2 earnings call, Tesla CEO Elon Musk stated that their should be "zero concern" that "Tesla will achieve a 10,000/week unit production rate by the end of next year.", solidifying Tesla's past production expectations.

Our colleagues at Consumer Reports have not yet tested the Model 3, but predict that it will score just two points out of five for reliability, but five out of five for owner satisfaction.

The entrepreneur's comments came after Tesla announced its second-quarter financial results, revealing revenue of $2.8bn (£2.1bn) and a loss of $2.04 per share. And despite the launch of the more affordable Model 3, Tesla has reported that its luxury cars, the Model S and Model X are also increasingly in demand from consumers.

Tesla produced 25,708 vehicles in the second quarter, up 40% from the same period a year earlier.

YOU MIGHT ALSO LIKE
  • Trump to Announce Apple Supplier Foxconn Opening Wisconsin Plant

    Trump to Announce Apple Supplier Foxconn Opening Wisconsin Plant

    He predicted that workers from rust belt states like NY would move to states like Wisconsin that were adding manufacturing jobs. The new outpost - formally unveiled at an event at the White House on Wednesday - primarily will manufacture LCD screens.
    Samsung gears up to launch the Galaxy Note 8

    Samsung gears up to launch the Galaxy Note 8

    Readers are advised to take note that Samsung hasn't clearly mentioned that they will be launching the Galaxy Note 8 smartphone . The Samsung Galaxy Note 8 will be officially unveiled on August 23 at an Unpacked event at Park Avenue Armory in New York City.
    Kuwait reduces diplomatic ties with Iran

    Kuwait reduces diplomatic ties with Iran

    The Gulf state also ordered the closure of Iranian "military, cultural and trade" missions, the unnamed official added. The row comes at a time when Kuwait is trying to mediate an end to the Gulf's worst diplomatic crisis in years.
  • Co-founder of Fusion GPS agrees to speak to Senate panel

    Co-founder of Fusion GPS agrees to speak to Senate panel

    But with this administration, it's hard to separate the people's/government's business from those of the Trump/Kushner family. Donald Trump Jr. accused of holding talks with Russian lawyer during his father's election campaign.
    Chrissy Teigen celebrates getting blocked by Donald Trump on Twitter

    Chrissy Teigen celebrates getting blocked by Donald Trump on Twitter

    One fan even offered to send Teigen a button he made featuring a screen shot of the Twitter page when @realDonaldTrump blocks you. Teigen is not above trolling and clapping back, when necessary. "I've been trolling him for about five to seven years now".

    Sean Spicer on SNL Parody: 'It Was Stupid, Silly, Malicious'

    Spicer admitted "there are some skits on late night television that I will crack up at", but didn't specify what made him chuckle. He praised Spicer and even defended him from an editorial calling him a "four-Pinocchio Press Secretary".
  • War of sanctions looms as Moscow retaliates against Washington

    War of sanctions looms as Moscow retaliates against Washington

    The US sanctions package, which also targets North Korea and Iran , was approved overwhelmingly in the House on Tuesday. A similarly lopsided vote is expected in the Senate.
    Teen Accused of Driving Under the Influence Livestreams Fatal Los Banos Crash

    Teen Accused of Driving Under the Influence Livestreams Fatal Los Banos Crash

    The other passenger sustained major right leg trauma. "This is the last thing I wanted to happen to us but it just did", she says. An 18-year-old Stockton woman is in jail accused of driving under the influence during a deadly crash Friday.
    AstraZeneca plc (AZN) Receives Average Rating of

    AstraZeneca plc (AZN) Receives Average Rating of "Hold" from Analysts

    The utilities provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. The rating was downgraded by Citigroup to "Sell" on Thursday, June 2. (NYSE:ED) on Friday, September 18 with "Neutral" rating.
  • Seattle Seahawks ink SS Kam Chancellor to $36M extension

    Seattle Seahawks ink SS Kam Chancellor to $36M extension

    Chancellor , 29, missed four games with a groin injury last season and finished with 85 combined tackles and two interceptions. That last piece may be resolved sooner rather than later.
    Casey's wife files for divorce

    Casey's wife files for divorce

    The couple had publicly announced their split in March a year ago , after separating in November 2015. The 38-year-old Phoenix is asking for joint custody of their two children.
    Moto Z2 Force Edition Specs, Price, And Release Date Officially Confirmed

    Moto Z2 Force Edition Specs, Price, And Release Date Officially Confirmed

    Most notably, the Z2 Force takes a pretty big cut in battery capacity this time around, now only sporting a 2,730 mAh cell. Motorola has unveiled its latest smartphone - the Moto Z2 Force Edition - during an event held in New York City today.
popular