Tesla Releases Model 3 Production Details, Video, Things Aren't Going as Planned
00:15, Nov 3, 2017
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While shares in Silicon Valley star Musk's venture were still up 50 percent for the year, reflecting faith in its positioning as a major future manufacturer, the company's share price has now retreated 23 percent since mid-September.
Demand for Tesla's vehicles continues to be strong. But he did just that: first, with the Tesla Roadster sports auto, and then with the Model S sedan. Tesla reported a non-GAAP loss per share of $2.92, worse than its non-GAAP gain per share of $0.71 in the year-ago quarter and worse than a consensus analyst estimate for a loss of $2.31.
The outspoken Musk was surprisingly subdued during a webcast scheduled to discuss the third-quarter earnings, officially blaming that on a cold, but clearly on the defensive after having to acknowledge Tesla's recent troubles. Munster sums up his view by calling Tesla "the biggest opportunity in tech over the next five years", per CNBC.
The setbacks lengthen the wait for hundreds of thousands of customers waiting for their Model 3 and extend the payoff period for the billions of dollars the company has spent to expand.
Energy generation and storage gross margin declined 368 bps sequentially in the quarter to 25.3%.
Tesla is marketing the Model 3 for its affordability with a starting price of $35,000 United States dollars (£26,500). Finally, Gemmer Asset Management LLC increased its position in Tesla by 2.6% in the second quarter.
Despite all this - and somewhat ironically - Tesla is keen to inform us that the number of Model 3 reservations has continued to grow over the past quarter, even though it's not giving us any new info on the actual figures. Musk and financial chief Deepak Ahuja said in a letter to shareholders that it was hard to prepare for production problems. This indicates that production has not been as smooth as anticipated.
Tesla then expects to produce 5,000 Model 3 vehicles a week by the end of Q1 2018.
It seems that delivery estimates have been less impacted for reservation holders who already had later dates, whether because they are on the east coast, outside the U.S., or they are not current Tesla owners.
After announcing what is seemingly a 3-month delay in the production ramp of the Model 3 yesterday, Tesla says that it is now updating the delivery timeline of Model 3 reservations over the next 24 hours. "And it would be serving the China market", he clarified, noting that the factory would probably only make Model S and as-yet-unannounced Model Y vehicles.
About 500,000 Model 3 cars have been ordered worldwide, but only 260 were built in the third quarter. "If they don't show better production by the first quarter of 2018, that would be a red flag for investors".
Ford has an expected long-term growth rate of 10.7%. Robert W. Baird reissued an "outperform" rating and set a $411.00 price target on shares of Tesla in a research note on Monday, September 18th.
Shares of Facebook fell 2 percent in early trading Thursday, despite its much better-than-expected results Wednesday. Facebook on Wednesday announced its Q3 2017 earnings and continued its streak of beating estimates.
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