"What we have ahead of us, of course, is an incredibly hard production ramp", Musk said.
Despite a warning by Chief Executive Elon Musk last week that the Silicon Valley automaker would face six months of "manufacturing hell" in producing its first Model 3s, investors were enthusiastic over a remaining $3 billion cash on hand at the end of the second quarter, as loss-making Tesla spent just shy of $1 billion on capital expenditures, less than expected. Here's a close look at the quarter. Tesla sold fewer of the vehicles in the second quarter than it did in the first, a somewhat disturbing sign.
Several factors will influence our non-GAAP automotive gross margin for the rest of this year.
Sales in the second quarter rose to US$2.79bn from US$1.28bn the same period a year ago.
Its adjusted loss of $1.33 per share beat Wall Street's forecast of a $1.88 loss per share, according to analysts polled by FactSet.
Tesla maintained its delivery guidance for its new Model 3 auto despite its chief executive warning about "manufacturing hell" in the coming months, as it comfortably beat expectations with its quarterly results last night.
While Tesla intends to make the Solar Roof at its factory in Buffalo, New York, the company said in its earnings report that the first installed Solar Roofs, which it described as "pilot" versions, were made at Tesla's factory in Fremont, Calif.
Musk said Model 3 net orders have reached a rate of about 1,800 a day.
Yeah, the new Model 3 is good.
Tesla is continuing to see demand for its first mass market vehicle, the Model 3, with an average of 1,800 new orders a day. But Tesla revealed other important numbers in its earnings letter and conference call - including the long-hidden number of reservations for the lower-priced Model 3 that it just launched. Company fiscal year is ending in December and analysts' consensus recommendation is Hold for TSLA and estimated EPS for next quarter is $ -1.52.
The company expects positive Model 3 gross margin by Q4, and a 25% gross margin for the vehicle in 2018. "The combined Model S and Model X market share grew in the U.S. premium luxury vehicle market during Q2 2017", the company said in its statement.
That's still part of the plan, Musk said Wednesday.
Tesla CEO Elon Musk said today the forthcoming Model Y electric crossover vehicle will be built on a similar architecture to the recently released Model 3, in an effort to bring the auto to market sooner. The Energy generation and storage segment includes the design, manufacture, installation, and sale or lease of stationary energy storage products and solar energy systems to residential and commercial customers, or sale of electricity generated by its solar energy systems to customers. That's right - they think these 10 stocks are even better buys.
A Tesla could be fixed at an owner's home or in a parking lot.