Saturday, 15 December, 2018

Tesla Q3 2018 Vehicle Production and Deliveries Nasdaq:TSLA

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Kelvin Reese | 03 October, 2018, 03:46

The electric auto maker's shares sank last week after the US Securities and Exchange Commission accused Musk of securities fraud, opening up the prospect of a long fight that could have seen Tesla lose its leader, and undermined its ability to raise capital and increase production. But Tesla has failed to meet another goal it set for itself: It had wanted to produce 5,000 Model 3 vehicles per week on a consistent basis.

The company announced Tuesday that it produced 80,142 vehicles in the third quarter, marking a 50 percent increase over the previous quarter.

Tesla Motors accelerated production of its pivotal Model 3 sedan during the summer just as CEO Elon Musk promised, vindicating the electric auto maker's leader amid a backdrop of baffling behavior that jeopardized his job.

Tesla shares fell more than 1 percent in recent trading Tuesday.

READ THIS: When will Tesla Model 3 all-wheel-drive, lower-range models be available?

The progress is essential to Tesla's survival, not only to preserve customer loyalty but to bring in the cash that the company will need to repay $1.3 billion in debt coming due within the next six months.

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"This is a step in the right direction, but more work remains", said Gene Munster, head of research at brokerage Loup Ventures.

"We are very close to achieving profitability and proving the naysayers wrong, but, to be certain, we must execute really well tomorrow (Sunday)", Musk wrote in an email on September 30, according to a filing with the SEC. After missing earlier goals, Tesla hit a targeted weekly production rate of 5,000 Model 3s in final week of the second quarter.

The electric vehicle maker said it was speeding up construction of its Shanghai factory as it seeks to combat the hefty tariffs. Taking ocean transport costs and import tariffs into account, Tesla is now operating at a 55% to 60% cost disadvantage compared to the exact same vehicle locally produced in China.

Musk in July landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first outside the United States and a key to doubling its global capacity.

The company delivered 83,500 vehicles during the third quarter, a strong performance that should calm investor fears about logistical problems and a looming cash crunch. "This makes for a challenging competitive environment, given that China is by far the largest market for electric vehicles", the company said.

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