Korea Investment CORP Boosts Stake in Tesla Inc. (TSLA)
Korea Investment CORP Boosts Stake in Tesla Inc. (TSLA)
Tesla delays volume production of Model 3 by three months, reports massive loss
02 November, 2017, 00:55
Tesla CEO Elon Musk promised that the Model 3, which has more than 500,000 potential buyers on its waiting list, would be simpler to make than Tesla's previous vehicles and not plagued with the same delays.
Tesla's first mass market auto has been beset with manufacturing issues - and there' s no end in sight.
That's the message this week from Nomura Instinet, which reiterated its Buy rating on the electric automaker, noting Tesla will eventually figure out its production issues with the new Model 3 sedan.
And the problems will continue.
Tesla posted a net loss of $619.4 million, or $3.70 per share, for the third quarter ended September 30 compared with a profit of $21.9 million, or 14 cents per share, a year earlier.
Tesla previously said it would make 1,500 Model 3's during the last quarter, but the firm dramatically undershot that goal. Equities research analysts anticipate that Tesla will post ($6.70) EPS for the current year.
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What happened to me behind the scenes happens to all of us in society and it can not stand and it will not stand ... Speaking at the Women's Convention in Detroit on Friday (10.27.17), she said: "I have been silenced for 20 years".
Tesla reported a net loss of about $619.4 million, or $3.70 per share, compared to a net income of almost $21.9 million, or 14 cents a share, a year ago. Analysts polled by FactSet forecast a loss of $2.85 per share. This is a significant milestone as the Tesla fleet is now about 100 times larger than it was five years ago, just before the launch of Model S.
On Wednesday, however, the company admitted that because "the Model 3 production process will be vastly more automated than the production process of Model S, Model X [.] bringing this level of automation online is simply challenging in the early stages of the ramp".
Tesla (NASDAQ:TSLA) says it delivered 25,915 Model S and Model X vehicles and 222 Model 3 vehicles in Q3 for a total deliveries tally of 26,137 vehicles.
All in all, Tesla will reduce the production of these cars by 10% in the fourth quarter in order to reallocate these resources into improving its Model 3. That compares to Wall Street's expectations of a loss of $2.29 and revenue of $2.95 billion. That, industry experts say, is among the reasons Tesla is nowhere close to its aggressive goal of building 500,000 vehicles annually by next year, majority Model 3s. Sustainable energy generation and storage is a critical part of Tesla's mission and will drive long-term revenue growth and profits.
Tesla's shares fell 3 percent to close at $321.08 Wednesday, but in after-hours trading following the earnings release, the stock fell an additional 4 percent, or $12.83, to $308.25. They have risen 45 percent since the start of this year.
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