Wednesday, 25 April, 2018

Tesla shares higher after Model 3 production boost

Elon Musk Goes On Twitter Tirade Over Article Noting Model 3 Dumpster Fire Tesla ships fewer Model 3 sedans than expected in last quarter
Delores Daniels | 06 April, 2018, 02:05

The company has succeeded in reaching its target of Model 3s, and according to Tesla's first quarter vehicle product and deliveries report, 2,020 Model 3 vehicles were produced within the past seven days.

"The TP reduction is largely a reflection of the on-going delays to the ramp to reach c10k units a week and a time when Model 3 gross margins begin to normalize, with scale".

The baby steps that were the start of the Tesla Model 3's production life have evolved into the strides of a toddler, with the company revealing it shipped five times as many sedans in Q1 as it did in Q4 a year ago. From March 2016, when consumers were first given the green light to place their $1,000 pre-orders for the Model 3, to today, the road has been a bumpy one for the company and the model.

Tesla's profitability is reliant on increasing its Model 3 production.

In conclusion, the Tesla Model 3 is now officially the best-selling electric vehicle in the United States and Tesla most likely has the 3 best-selling electric cars in the US. "Without fresh funds, it's tough to see how Tesla achieves the spectacular growth still priced into its shares".

So all (investor) eyes were on the latest announced production figures last night Australian time, which came in at 2,020 Model 3s in the last week (8,180 delivered for the quarter - only 4 times as many).

Wall Street analysts that have seen Tesla shares plunge by 33 percent over the past six months were not impressed with Musk's stunt, and warned the company may be in default of its credit agreement and be forced to raise cash at firesale prices. Tesla shares are trading at $274 apiece Wednesday morning.

Tesla said it had doubled the production rate over the first quarter of 2018 by addressing bottlenecks in its production process and supply chain, including shutting down its factory for several short periods to upgrade its equipment.

Tesla also sought to dispel quality concerns for the Model 3, which GTM reported on last month. The company faces several hurdles, including producing its electric vehicle battery modules at a faster clip and reducing its production bottlenecks, all while ensuring quality at the same time, Spak says.

Yet there is a silver lining to Tesla's production rate miss.

Tesla shares are now bouncing back on Tuesday, trading up 4.27% to $263.32 per share as of writing.

Elon is also increasingly under strain as he gets the Model Y into production, builds the Tesla Semi and the second-generation Roadster, completing the Supercharger network, boring tunnels underground, making solar roof tiles, and launching rockets.

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