Tesla pushes back Model 3 targets again after production miss
Tesla pushes back Model 3 targets again after production miss
A Tesla Model S car is seen in a showroom in Santa Monica California US
06 January, 2018, 01:46
In the months leading up to launching the Model 3, Tesla raised at least $1.2 billion through an offering of stock and convertible debt in March and another $1.8 billion by tapping the junk-bond market in August. It had about $3.5 billion in cash and cash equivalents as of September 30. GM launched the auto in 2015, far ahead of the $35,000 Model 3, Tesla's first mass-market vehicle, and it seemed like no contest at the time.
In a statement Wednesday, Tesla thanked customers "who continue to stick by us while patiently waiting for their cars".
By nearly every metric, Tesla massively missed its super-aggressive production target of its Model 3 for the final quarter of 2017.
"Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles". But early versions of the Model 3 suffered battery quality problems, and it's not clear whether those have been sufficiently resolved.
Tesla has fallen short of Wall Street expectations by revealing that it delivered just 1550 examples of the Model 3 in the fourth quarter of 2017. Tesla initially intended on reaching this mark at the end of December.
Tesla said on Wednesday its production rate had increased significantly despite the delays.
Jack Del Rio May Not Survive Disappointing Season
For the first time this season it seemed Del Rio had lost the team as the effort just wasn't what it was in previous weeks. Gannon is now a TV analyst for CBS and was in the booth for the Raiders' finale against the Chargers on Sunday.
USA Olympic roster announced & quotes from Jonathan Blum
The Pyeongchang 2018 Winter Olympics will take place from February 9 to 25 with the Paralympics following from March 8 to 18. The NHL's refusal to release its players to play in the Olympics has left each of the men's teams in the same boat.
In a release on Wednesday afternoon, the company run by billionaire entrepreneur Elon Musk said it plans to hit a milestone of making 5,000 Model 3 vehicles per week by the end of the second quarter of this year. A conventional auto factory operating at full speed on two shifts can churn out almost 1,000 vehicles a day.
"We think there is even room to hold off returning to the capital markets if the new schedule goes slightly slower than expected", he said in an email. Tesla said in August it had about 500,000 reservations for the auto and demand was not a constraint.
For the entire past year, the shares of the NASDAQ-listed electric auto maker rose 45.70% following a 10.97% slump in 2016.
Tesla said it will have a more gradual ramp through the first quarter "to focus on quality and efficiency rather than simply pushing for the highest possible volume in the shortest period of time". Among the issues Tesla faced was its battery module assembly line at its Nevada Gigafactory, which required a redesign.
Analysts have again expressed concern over whether Tesla can secure the gross margins on the cars it is aiming for, whether customers will still want the auto, and how slower production rates affect the company's other capital-intensive ambitions.
Pai has been targeted by death threats on social media after his agency approved to strip Obama-era net neutrality rules. Incidentally, Pai was scheduled to appear on a panel at CES next week for a "candid conversation".
The new feature, called Flash Briefing, is easily set up after downloading the Amazon Alexa app on an iOS or Android device. The interfaces are designed for future extensibility as support for more cooking devices becomes available.
It will appear slightly bigger than a normal full moon, and it might appear to be significantly brighter than a full moon. The eclipse will start around 4:50 a.m. local time and will be partial about an hour later, making the moon appear red.
COFFEE lovers should be charged 25p for disposable cups, with revenue used to pay for improved recycling, MPs have urged. Starbucks said on Friday it would trial a 5p charge on takeaway coffee cups for three months in about 20 London cafes.
McCarthy is now signed through the 2019 season after he was initially expected to enter next year without an extension. The Packers announced Tuesday that the team is transitioning Thompson from General Manager into an advisory role.
The outage is affecting other airports across the county, according to an official familiar with the situation. A spokesperson tells CBS News that Customs and Border Patrol has been contacted and are investigating.
Fire officials say the fire started inside the furniture store on the first floor of the building and quickly spread. The blaze began at about 5:30 a.m.at 1547 Commonwealth Ave.in the Van Nest neighborhood of the Bronx.
Palmer threatened to retire from the Cincinnati Bengals in 2011 after requesting a trade that wasn't immediately granted. The retirement of Palmer, though not unexpected, leaves the Cardinals without a quarterback on their roster.
Khloe Kardashian reveals baby name pre-baby
Asked if she'll marry again, Khloe told talk show host Ellen DeGeneres: "I hope so, but I'm not in a rush for any of that. The Keeping Up With The Kardashians star told fans on Instagram she used her hair and makeup to distract from her tummy.
E. coli outbreak may be linked to romaine lettuce
That's because officials in Canada have not determined the exact source of the romaine lettuce involved in the E. coli outbreak. The outbreak has killed one person in each country and sickened at least 58 people , Consumer Reports said.
Chelsea 'on brink of signing Ross Barkley from Everton'
It remains to be seen whether Pochettino has lined up another target, which could have changed his mind about signing Barkley. Barkley was reportedly close to joining Chelsea during the summer transfer window but in the end the deal fell through.
HBO's Game of Thrones Doesn't Come Back Until 2019
Benioff and Weiss are not involved in those concepts but other Thrones veterans, like Cogman, a longtime writer and producer, are. After months of speculation, HBO has finally confirmed that the last season of Game Of Thrones won't be airing until 2019.
HMD Global upgrades Nokia 6 smartphone for China launch
Weighing 172 grams, the Nokia 6 (2018) has a metal body and it houses a 3000 mAh battery with the fast charging support. Launched in January past year , the Nokia 6 was HMD Globals first smartphone, which arrived as a mid-range offering.
Mom welcomes twins in 2 different years
They made their debut at the Delano Regional Medical Center as the last baby of 2017 and the first of 2018. Joaquin will have to celebrate her birthday on December 31, while Aitana will celebrate hers on January 1.
South Korea proposes high-level talks with North
Kim said in his speech Monday that North Korea previous year achieved the historic feat of "completing" its nuclear forces. In his address, Kim Jong Un said his country's weapons are now a reality and not just a threat.
LGD unveils 88-inch 8K OLED display
LG has announced the launch of the world's first 88-inch 8K OLED display and it comes with a resolution of 7680 x 4320 pixels. The recent development in this scenario is the construction of a manufacturing plant in China's Guangzhou city.