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06 January 2018, 01:46 | Hattie Nash
Tesla misses production goals for all-electric Model 3 sedan
Tesla didn't come close to achieving an initial goal to manufacture that many sedans a week by the end of a year ago. That end-of-the-quarter rate extrapolates to "over 1,000 Model 3s per week", according to Tesla. While a capital raise may not be required, Tesla lacks "a ton of wiggle room" and should seek more cash to mitigate risks, he wrote.
Tesla shares were down 3 percent Thursday morning. Now we're into January, we can report that Tesla fell a little short - it made just 1550.
However, the delays intensify the rate at which Tesla is burning cash-US$1.1 billion in the third quarter and about the same estimated for the last quarter of 2017-and worrying investors, who have yet to see a profit from Tesla.
The electric-car maker said it delivered 1,550 Model 3 sedans in the fourth quarter, a bit more than half of the 2,917 that Wall Street analysts were expecting. Sales of those more expensive models jumped 33 per cent from 2016.
In the months leading up to efforts to get the Model 3 up to speed, Tesla raised at least US$1.2b through an offering of stock and convertible bonds in March and another US$1.8b by tapping the debt market in August. This is the second time Tesla has punted on its 5,000-per-week milestone.
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Still, it was able to complete the cross-country journey in just 50 hours, using $100 to charge their Model 3 in that time. "That said, this continues to be a major focus by the market".
Tesla said 860 Model 3 vehicles were in transit to customers at the end of the fourth quarter.
Although bullish investors have generally waved off early Model 3 problems, instead focusing on the future prospects of Tesla, critics warn that Model 3 issues could sour demand for Tesla's mass-market vehicle, delay sorely needed revenue and compromise the company's ability to raise cash in the future.
Previously, Tesla was trying to manufacture Model 3s at that rate sometime in 2017. "Once you have it right you can ramp really quickly, but getting to that phase is the hard part". Tesla produced 2,425 sedans during the period. During the last week of December, the company said, it made 793 Model 3s. The projection for the current quarter is that it will produce around 2,500 a week, and be producing 5,000 a week by the end of Q2.
That pace of production is still below that of many carmakers. Tesla said it was its "all-time best quarter" for combined Model S and Model X deliveries. "They've kicked the can down the road".
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