Home » Money

Tesla 3Q production numbers up but can they be sustained?

03 October, 2018, 03:44 | Author: Melinda Barton
  • SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Shares of Tesla rallied as much as 18 percent Monday as investors welcomed news over the weekend that Elon Musk would continue running the show as the electric-car maker readies to release quarterly production and delivery numbers. It indicates that the company still hasn't approached, at any sustained level over a longer time, chief executive Elon Musk's goal of producing 5,000 of the cars per week. To address this issue, we are accelerating construction of our Shanghai factory, which we expect to be a capital efficient and rapid buildout, using many lessons learned from the Model 3 ramp in North America.

Musk said in a tweet in May that the company would need to sustain production of 5,000 Model 3s per week to make a profit on the critical vehicle and to survive.

Including the Model S and Model X, Tesla produced 80,142 vehicles and delivered 83,500. In Q3, we were able to significantly increase Model S and X deliveries notwithstanding the headwinds we have been facing from the ongoing trade tensions between the United States and China. Our overall target of 100,000 Model S and X deliveries in 2018 remains unchanged. However, it missed its weekly Model 3 production target and said it was facing a 40pc import tariff in China.

It's a mystery that's been brewing since July: Various locations around the country-including lots, garages, and industrial sites-each have anywhere from dozens to hundreds of Tesla cars parked there. When asked, the company has only implied the cars are awaiting shipment.


Where Tesla was in "production hell" a year ago, it is now in "delivery logistics hell", according to Musk. The SEC had alleged that Musk either knew or was reckless in not knowing that statements made about his go-private plans were false or misleading.

READ THIS: When will Tesla Model 3 all-wheel-drive, lower-range models be available? Earlier that year, the Inconvenient Truth producer told Politico that he wanted to purchase his own Tesla vehicle.

With Musk's future at Tesla more secure, one analyst reversed course on a downgrade of the stock it had put in play on Friday.

Averaged monthly, Tesla's official sales numbers confirm those results, with the Model 3 trailing the Toyota Corolla by about 7,500 cars per month. The company even built a heavy-duty tent to add space to produce Model 3s.

Recommended:

  • Jose Mourinho is embarrassing Man Utd - Scholes

    And he admits he did not expect Jose Mourinho to still be in charge after Saturday's result . "The players tried. Neto; Piccini, Garay, Paulista, Gayà; Coquelin, Parejo, Kondogbia, Guedes; Rodrigo, Batshuayi.
    Super sub Hazard dumps Liverpool out of League Cup

    Super sub Hazard dumps Liverpool out of League Cup

    He said: 'Of course [he is more intense in matches than training], every player prefers to play than work without the ball. While Liverpool have the upper hand in the league the Carabao Cup match in midweek has given Chelsea the impetus .
    I'm open to meeting with Maduro at United Nations , if he wants

    I'm open to meeting with Maduro at United Nations , if he wants

    But he said his country would not give up its political or ideological philosophy under pressure. As a backdrop to the diplomatic maneuvering were rumbles of even more dramatic action.
  • Cardi B surrenders to police after strip-club brawl

    Cardi B surrenders to police after strip-club brawl

    Cardi B , wearing a voluminous red Dolce & Gabanna gown, was seen leaving the party with what appeared to be a bump on her head. However, Cardi's camp say the incident was not premeditated but popped off after someone threw a drink into the crowd.
    Washington braced for battle as Federal Bureau of Investigation  contacts Kavanaugh witnesses

    Washington braced for battle as Federal Bureau of Investigation contacts Kavanaugh witnesses

    Flake may want the most serious allegations against the nominee thoroughly investigated - but probably not the less serious ones. Judge has been interviewed by the Federal Bureau of Investigation but his interview has not been completed".
    Kavanaugh’s interruptions of Democratic senators in hearing draw ire and support

    Kavanaugh’s interruptions of Democratic senators in hearing draw ire and support

    Ford had repeatedly asked for an FBI investigation during her testimony, which only Democrats on the committee then supported. The White House confirmed that Trump watched the testimony aboard Air Force One as he returned to Washington from NY .
  • Lopetegui demands reaction from his Real side in Madrid derby against Atletico

    Lopetegui demands reaction from his Real side in Madrid derby against Atletico

    Barcelona and Madrid are level on 14 points atop the La Liga table, two points ahead of fourth-placed Sevilla . Welshman Gareth Bale will miss Real Madrid's Champions League game at CSKA Moscow due to a thigh injury.
    Tesla shares soar after Musk gets ousted as chairman

    Tesla shares soar after Musk gets ousted as chairman

    He accepted the deal with the SEC "without admitting or denying the allegations of the complaint", according to a court document. Tesla is due to appoint two new independent directors, with the board expected to oversee Musk's communications with investors.
    Cristiano Ronaldo's lawyers threaten lawsuit over 'illegal' report

    Cristiano Ronaldo's lawyers threaten lawsuit over 'illegal' report

    Ronaldo allegedly offered her some athletic shorts and a T-shirt and directed her towards his bathroom where she could change. He has been named player of the year five times and recently completed a €100m (£89m) transfer to Juventus from Real Madrid .
  • A Bell-Thomas swap between Steelers, Seahawks makes sense

    A Bell-Thomas swap between Steelers, Seahawks makes sense

    But he said he hopes they can respect their business and plans to talk with the team upon his arrival. Alas, Thomas fractured a lower leg bone in the fourth quarter of Seattle's 20-17 win at Arizona.
    Some ‘care more than others’ about Man Utd crisis - Mourinho

    Some ‘care more than others’ about Man Utd crisis - Mourinho

    Nemanja Matic insists the players have not deserted Jose Mourinho as the Manchester United manager battles to save his job. Saturday's 3-1 defeat to West Ham United further compounded matters for the under pressure Portuguese manager.
    Europe Risks Angering US by Establishing Financial Mechanism with Iran

    Europe Risks Angering US by Establishing Financial Mechanism with Iran

    German Foreign Minister Heiko Maas told reporters there was "strong unity" with Iran on minimising the impact of U.S. sanctions. The drastic difference between those two figures represents the impact of US President Donald Trump's policies towards Iran.


Popular

Valencia look to extend Manchester United's poor run
As the visiting manager, Marcelino was asked what he thought were the best and worst aspects of Manchester United . Meanwhile, Valencia head to the game following a 1-0 victory against Real Sociedad.

Microsoft Introduces Refreshed Surface Lineup, With Black Editions
Microsoft is looking to breathe new life into their Surface line-up this year, as evidenced by today's Surface-focused event. These days, it's a true laptop alternative, and as you'd expect, the Surface Pro 6 is the most powerful version yet.

3 takeaways from the Dodgers win over the Rockies
Marquez has been excellent at Dodger Stadium this year, only giving up two earned runs in 15 innings this season. Colorado has made the playoffs four times since it entered Major League Baseball as an expansion team in 1993.

Trump hails 'most important ever' US-Canada-Mexico trade pact
Canada is by far the No. 1 destination for US exports, and the USA market accounts for 75 percent of what Canada sells overseas . Trump had said he wanted to go ahead with a revamped NAFTA - with or without Canada . "It'll probably or possibly be just USM".

Mass burials to begin as Indonesia toll tops 1,200
Meanwhile, video footage showing the exact moment the tsunami struck Palu's coast has gone viral on social media. Elsewhere on the outskirts of Palu , trucks brought 35 bodies for burial in a mass grave dug in sandy soil.

Waco wave pool closes after surfer dies from 'brain-eating amoeba'
The organizations statistics indicate that since 1962 there have been 143 confirmed cases, of which only four people survived. Three of those survivors were treated with drug therapy, but in Stabile's case it was too late to administer the medication.

Micronesia air crash turns fatal as passenger's body found: airline
Air Niugini said in a statement that as of Saturday afternoon, it was unable to account for a male passenger. It is not the first time a plane has overshot the runway in the Micronesia area.

The Fed raises interest rates by a quarter percentage point
The measures have disrupted supply chains and caused retaliation against USA exports in the economies of the nations affected. The Fed said it expects the GDP to fall to 2.5 percent next year, to 2 percent in 2020 and 1.8 percent in 2021.

Emery says Arsenal are improving following 'competitive' Watford win
We need time but we tried to play football from behind and we have to concentrate as not everything was ideal . As a goalkeeper you don't think you will come in and Petr Cech gets injured.

Jurgen Klopp explains why he substituted Mohamed Salah in Chelsea clash
Daniel Sturridge has scored within three minutes of coming off the bench to earn Liverpool a late 1-1 draw against former club Chelsea at Stamford Bridge.