Monday, 23 July, 2018

Tesla Faces More Model 3 Production Snarls

A Tesla Model S electric car Tesla sinks after missing Model 3 deliveries by a mile (TSLA)
Olivia Ford | 05 January, 2018, 15:20

It isn't easy to bring a new auto to market, but this isn't some radical departure from either automotive norms or Tesla's own capabilities.

According to Chief Financial Officer Deepak Ahuja, the company's cash flow is to "improve significantly" during the upcoming several quarters, since Model 3 production ramp-up continues.

Tesla said 860 Model 3 vehicles were in transit to customers at the end of the fourth quarter.

The estimates for Model 3 deliveries by different brokerages varied widely.

"It is impossible to purchase cylindrical batteries within Japan and we were even notified by Panasonic that they are not going to sell cylindrical batteries anymore." said a representative for a Japanese battery distributor, .

One-third of the quarter's S3 were made in the last seven days. "Model 3 deliveries to non-employee customers are now accelerating rapidly, and we're confident our customers will love them".

"Now we have electric cars and these are the future and so someone [has to] go out and show that these things can actually get across country in a real decent speed", Roy said during an interview on FOX Business' "Making Money with Charles Payne".

Furthermore, the company also managed to deliver a total of 15,200 Model S sedans and 13,120 Model X SUVs past year. Analysts had expected total deliveries of about 30,000.

The automaker said that it has made "major progress" in overcoming Model 3 production bottlenecks and that it has "slightly reduced" Model S and Model X production rates in order to shift workers to the Model 3.

"Tesla would have been better served had it not announced such lofty plans for its production ramp-up", Krebs said.

The recent announcement of the production bump is still a massively lagging behind most carmaker companies.

Meanwhile, analyst Gene Munster projects that Model 3 production for the year likely falls in the 2,500 range. Tesla said in August it had about 500,000 reservations for the vehicle and demand was not a constraint.

Wall Street's Tesla bulls have been quite patient with Tesla's apparent enthusiasm for what CEO Elon Musk calls "production hell".

The Model 3 was supposed to be designed for mass production, and that process has been underway for half a year now (the vehicle launched back in July). Among the issues Tesla faced was its battery module assembly line at its Nevada Gigafactory, which required a redesign.

With Tesla poised to post its earnings report for the holiday quarter later today, we won't have to wait long to see how overall Model 3 production stacked up in 2017.

Tesla shares, despite paring some gains from a high of $385 in September, still trade at 46 percent above their price a year ago.

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