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08 February 2018, 01:14 | Ruben Fields
Tesla promises game-changing 2018 for Model 3 and more
The end-of-quarter cash balance sat at $3.4 billion. When the dust settled, Tesla posted a loss of $675 million for the quarter, a rather significant increase from the $121 million loss it posted during the same quarter a year ago, and the worst profit figure the company has ever recorded. Tesla is guiding toward another 100,000-vehicle year, more or less matching 2017. By the end of the ongoing quarter, the electric auto maker hopes to reach its target of 2,500 Model 3 vehicles being produced every week, with the number set to go up to 5,000 by the end of June. On a call with analysts Musk said that the production is getting back on track.
"At some point in 2018, we expect to begin generating positive quarterly operating income on a sustained basis", Tesla's CEO Elon Musk said in the company's earnings press release.
A Tesla Model 3 sedan, its first auto aimed at the mass market, is displayed during its launch in Hawthorne, California, March 31, 2016. "This is more than fully explained by the slower than expected ramp of Model 3", Tesla explained in its fourth-quarter shareholder letter. It discontinued the Roadster and moved on to the second phase of its master plan, building two native EVs, the now-famous Model S and Model X. The two vehicles went on to win just about every award and accolade in existence, including being recognized as the "safest auto ever tested" by the NHTSA and the "best auto ever tested" by Consumer Reports. Tesla noted that combined orders for Model S and Model X grew significantly in 2017 compared to 2016. Musk has hinted that after the currently-unannounced Model Y is revealed, Tesla will develop a pickup truck. Tesla introduced the Powerwall, a key piece of the puzzle of electric vehicles and home solar energy generation.
But unlike with other doomed companies posting dire losses quarter after quarter, Tesla revenues have been sizable.
During the fourth quarter, Tesla deployed 143 MWh of energy storage products, growing 45% from the fourth quarter of 2016. The company will recognize 129 MWh of energy storage deployment in South Australia in Q1 2018. For the 2017 full year, automotive revenue was up 52%.
Musk promised that drivers will eventually be able to do "pretty much anything" in the vehicle via voice controls thereby allaying concerns that the new display with its myriad of touch screen options could lead to distracted driving.
2018 will be a transformative year for Tesla, with a high level of operational scaling. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share.
This change in delivery timelines could be a result of demand for the long range option Tesla is likely seeing.
The automaker said it has "significantly" ramped Model 3 production, and now it is still targeting a rate of 2,500 to 5,000 Model 3 cars by the end of Q2.
Part of Tesla's goal is to build a system that's robust and more generally useful. The majority of the spending will be to support increases in production capacity at Gigafactory 1 and Fremont, and for building stores, service centers, and Superchargers. The Low Revenue estimate is $3.47 Billion, while High Revenue estimate is $3.85 Billion.
Polish president to sign controversial Holocaust bill into law
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On Jan. 31, a train carrying Republican members of Congress to a West Virginia retreat collided with a garbage truck . Michael Kempf , 54, of Savannah, Georgia were the conductor and engineer, respectively, of the Amtrak train .