Monday, 17 December, 2018

Tesla expects to hit 6,000/week Model 3 production rate

A former employee of auto maker Tesla sued by the company for alleged Former Tesla employee accused of 'sabotage' countersues Ex Tesla employee accused
Kelvin Reese | 02 August, 2018, 11:20

Despite Tesla reporting a record loss that doubled to $718 million (546.88 million pounds) in the second quarter, shares jumped as much as 11 percent in after-hours trading, as investors focused on steadier production volumes and a slower rate of cash burn.

Tesla clinched a long-delayed milestone in late June when it announced it had built more than 5,000 of its Model 3 sedans in a week - a pace Musk has said would quickly shephard the company into profitability.

Tesla reported sales of $4 billion, topping analyst estimates, and an adjusted loss of $3.06 a share, which missed them.

The electric auto maker said it will continue to ramp up production of the Model 3, forecasting a weekly rate of 6,000 vehicles by late August.

Elon Musk, 47, the billionaire technology entrepreneur who founded Tesla, believes the Model 3 will spark an electric vehicle revolution.

Tesla said it produced 53,339 vehicles in the second quarter and delivered 18,449 Model 3s.

San Antonio Aquarium recovers shark stolen in baby stroller
In a Facebook post , the San Antonio Aquarium said an employee saw the man take the shark out of the water and alerted management. Authorities say a male snatched it from a petting tank Saturday afternoon before two others wrapped it in a wet blanket .

Watch The Longest Lunar Eclipse Of The Century Here
When the moon is farther away, it orbits Earth more slowly - meaning it will take its time as it passes through Earth's shadow . Later that night, the brilliant orb would become a " blood moon " during the longest total lunar eclipse of the 21st century .

Trump plans to invite Putin to U.S. for new meeting
He added that he would consider a visit to Washington but noted there must be "necessary conditions", without further explanation. Thousands of Moscow citizens participated in protests on Sunday, and the protests featured many anti-Putin chants.

"It's really kind of a mind-blowing leap forward", Mr Musk said on a call with financial analysts.

Tesla recently laid off about 9% of its staff. Musk explained in June that the job cuts were part of a restructuring plan to eliminate "duplication of roles" and added that the layoffs should reduce costs and help the firm on its path to profitability. If the company can hold to its lofty promises of ramping up Model 3 production, and if it does indeed turn a profit and improve margins, Tesla's balance sheet might soon resemble that of a real automaker.

"We aim to increase production to 10,000 Model 3s per week as fast as we can", Musk wrote in the Wednesday letter, though he offered no estimated timeline. "Perhaps it reflects a more cautious Elon Musk". But the company burned through only about $430 million of its cash on hand, leaving it with $2.8 billion in its reserves.

"At 7,000 cars a week, we believe we can be sustainably profitable", he said. He spent more than an hour on this quarter's earnings call taking questions from analysts and journalists.

"In July 2018, Model 3 not only had the #1 market-share position in its segment in the US, it outsold all other mid-sized premium sedans combined, accounting for 52% of the segment overall", Tesla said in a statement reporting earnings. Analysts have suggested that Tesla will need to raise cash to support the Model 3 and other vehicles in the company's pipeline, but Musk reiterated Wednesday that it won't need to seek additional funds. That's substantially less than the 2017 level of $US3.4 billion.

Tesla also said it's working on a new version of its Autopilot semi-autonomous software that will have greater safety features.

Recommended

  • The incredibly stupid & unsafe  Kiki challenge

    The incredibly stupid & unsafe Kiki challenge

    Mumbai Police had earlier posted a video on Twitter with a warning, "Desist from public nuisance or face the music! ". This has actually left the police anxious as the trend is turning out to be deadly with people injuring themselves.
    Paul Manafort made more than $60 million in Ukraine, prosecutors say

    Paul Manafort made more than $60 million in Ukraine, prosecutors say

    Manafort then used that money to fund what the government terms his " lavish lifestyle " including the purchase of luxury cars. Paul Manafort poses for a mugshot photo at the Alexandria Detention Center in Alexandria, Virgina.
    India strips four millions of citizenship in Assam

    India strips four millions of citizenship in Assam

    There are around 90,000 people who have been declared as foreigners in Assam as per the government report. Hundreds of thousands fled to India from Bangladesh during its 1971 war of independence from Pakistan.
  • Mourinho's dark mood casts shadow over Manchester United

    Thus far he has bought three players including Brazilian global Fred , but Mourinho is keen to have two new faces in the squad come the opening match with Leicester on Friday week.
    Imran Khan Planning PM Modi-Style Oath? Decision Soon, Says Official

    Imran Khan Planning PM Modi-Style Oath? Decision Soon, Says Official

    The "prime minister also reiterated his vision of peace and development in the entire neighbourhood", it added. Eight rival parties rejected the results claiming massed rigging, but said they will take opposition seats.
    Tomorrow Polls Should Trash Away Military Govt: Mugabe

    Tomorrow Polls Should Trash Away Military Govt: Mugabe

    Chamisa raised fraud allegations on Monday, saying his victory would be assured if rigged ballots were excluded. On Monday, he alleged there was a "deliberate attempt to suppress" voting in urban areas - MDC strongholds.
  • Apple is climbing after topping Wall Street's earnings expectations (AAPL)

    Apple is climbing after topping Wall Street's earnings expectations (AAPL)

    Revenue from the app store, music subscriptions and other services grew 31 per cent to Dollars 9.5 billion, a record for Apple . While unit sales have slowed recently, the company is building digital services and a suite of other gadgets around the device.
    Yoshinori Muto close to Newcastle move

    Yoshinori Muto close to Newcastle move

    Rondon scored seven goals and provided three assists for West Brom last season, finishing as joint top-scorer alongside Jay Rodriguez.
    Colombian drug-sniffing dog has a $7,000 bounty on her head

    Colombian drug-sniffing dog has a $7,000 bounty on her head

    Colombia is one of the world's leading producers of cocaine , with an output of around 910 tonnes per year, according to the U.S. She has found hidden cargo in parts of vehicles, banana boxes and an injection molding machine .
  • Zimbabwe's Ruling Party Wins Majority in Parliament

    Zimbabwe's Ruling Party Wins Majority in Parliament

    The streets of the capital, Harare, are quiet this morning, following a violent end to the announcement of parliamentary results. Mnangagwa also reacted to the violence on social media, saying: "Now is the time for responsibility and above all, peace".
    Senators demand answers from immigration officials on family reunification

    Senators demand answers from immigration officials on family reunification

    He said that needed border security reforms included the wall, the visa lottery, catch-and-release policies, and immigration laws. McConnell later told a radio interviewer that a shutdown so close to the November 6 midterm elections won't happen.
    South African court overturns immunity for Grace Mugabe in assault case

    South African court overturns immunity for Grace Mugabe in assault case

    He said there were global treaties that can be relied upon to ensure that Mugabe returns to South Africa to face charges. He said if the NPA decided not to prosecute, Afriforum would look at privately prosecuting her.

Trump imposes sanctions on Turkish officials over detained American pastor Trump imposes sanctions on Turkish officials over detained American pastor Turkey's foreign minister, Mevlut Cavusoglu, quickly responded, also via Twitter: "No one dictates Turkey". Last week, Ankara rebuked Trump's threats, which had been echoed by his Vice President Mike Pence .

Hamilton 'would have struggled' to hold off Vettel Hamilton 'would have struggled' to hold off Vettel After the Hungarian Grand Prix , Hamilton is leading by 213 points, followed by Vettel (189 points) and Raikonnnen (146 points). With just five laps remaining, Vettel pulled off a move on Bottas, passing him on the outside heading to Turn 2.

Don´t call it a `wholphin´ - rare hybrid spotted for… Don´t call it a `wholphin´ - rare hybrid spotted for… Scientists are touting the first sighting of a hybrid between a melon-headed whale and a rough-toothed dolphin off Hawaii . Hybrids can be the effect of a population drop in one species and an individual experiences difficulty in finding a mate.

Paul Manafort, ex-Trump campaign chief, to begin trial Paul Manafort, ex-Trump campaign chief, to begin trial Trump has insisted that he did not collude with Russian Federation and has many times called the probe a "witch hunt". Under cross-examination, Devine also portrayed Manafort as a skilled political operator, but also a hard worker.

Trump says he is willing to talk to Iranian leader without preconditions Trump says he is willing to talk to Iranian leader without preconditions Foreign ministry spokesman Bahram Ghasemi on Monday said "there is no possibility for talks", ahead of Trump's statement. Iran's President Hassan Rouhani attends a news conference at the Chancellery in Vienna, Austria July 4, 2018.

N Korea 'making missiles' despite United States thaw N Korea 'making missiles' despite United States  thaw North Korea got respect, trade, and weapons, and now they appear to be going on as if Singapore put no restrictions on them. Experts say the North likely wants a declaration of the end of the Korean War as part of US security assurances.

North Korea Offered Little Help to Identify Remains North Korea Offered Little Help to Identify Remains Government officials believe North Korea is continuing to manufacture missiles in a facility near its capital of Pyongyang . Trump asserted last week that his administration's plan to dismantle North Korea's nuclear weapons is "going very well".

President claims ID is needed to buy groceries President claims ID is needed to buy groceries President Trump boards Air Force One at Andrews Air Force Base in Maryland for a trip to Tampa to attend a rally on July 31. DeSantis is endorsed by Trump and makes no secret of his affection for the president.

Trump willing to shut down government over wall Trump willing to shut down government over wall Trump began his policy of "zero tolerance" this spring, prosecuting all migrants caught entering the USA without authorization. Trump on Monday said he had no "red line" for precisely what he would require from Congress, and he made no comment on timing.

Local gun store owner discusses impact of 3D guns Local gun store owner discusses impact of 3D guns The complaint also alleges that the Trump administration is violating states' Tenth Amendment rights to regulate firearms. The second measure is meant to ensure that even guns primarily made of plastic can be discovered by metal detectors.

North Korea developing new missiles: WP Experts say positively identifying the decades-old remains could take anywhere from days to decades. Indeed, North Korea just dismantled a test launching site for liquid-fueled ICBMs days ago .

Ten dead as quake hits tourist island near Bali Ten dead as quake  hits tourist island near Bali Video footage showed ambulances lining the streets of Lombok and many houses damaged with only parts of brick walls standing. The landslides on Rinjani killed an Indonesian student, raising the death toll from the magnitude 6.4 quake to 16.

Cruise Line in the Hot Seat After Killing a Polar Bear Cruise Line in the Hot Seat After Killing a Polar Bear On Saturday, the MS Bremen cruise ship landed on the island and polar bear guards went ashore to survey the land. A 17-year-old Briton died and four other members of the expedition were hurt before the bear was killed.

Crews lament longer fire season that spawns erratic blazes Crews lament longer fire season that spawns erratic blazes The family said authorities told them the boy had called 911 from the house, relatives told the San Francisco Chronicle . The firefighters have contained just five percent of the flames so far, though they are working day in and day out.

Kevin Durant does not think he should be considered 'insecure' Kevin Durant does not think he should be considered 'insecure' U think that low of me CJ? Y'all say s-- about him, they don't say nothing, and they just keep on adding on, but I am the one. I just don't get it, and I know people will call me sensitive for even talking about it, but hey, that's just who I am.