After posting a profitable fall quarter, Tesla returned to spending more than it made. However, its fourth quarter losses, announced on Wednesday, were substantially less than originally assumed by analysts. The electric carmaker’s stock price continued to climb during the final three months of 2016, despite losing $448 million from its operations.
Tesla has been throwing a lot of money at projects and acquisitions. It recently purchased SolarCity and Grohmann Engineering, so going into the red was to be expected. However, the dark cloud looming in the distance isn’t related to capital — it’s about production. (Read More…)
Tesla is planning to halt vehicle production for one week in February to prepare for Model 3 pre-production, which the company says will begin February 20.
According to Reuters, the short-term shutdown of its Fremont, California assembly plant will give Tesla time to add capacity to its paint shop as it plans for full-scale production of the Model 3.
It appears apprehensions over the driving range of electric vehicles will be sticking around for a few more years.
Tesla initially said its highly anticipated Model 3 would posses a 215 mile per charge capacity in its base trim, encouraging rumors that the BEV would offer optional power packages and extended range. However, Big Daddy Musk tweeted yesterday the Model 3 is incapable of housing the larger batteries found on the Model X and S.
Tesla’s CEO also said the current 100 kWh battery will be as large as the company plans to go on its present passenger vehicles — but did mention larger units would need to be installed on the company’s semi-trailer-trucks and, again, referenced the possibility of an electric pickup truck. (Read More…)
With lengthy repair times, parts shortages, and colossal distances between locations, Tesla is having real difficulties effectively servicing its current customer base as complaints begin to mount.
While certainly unfortunate news, this will be nothing compared to what it will face when the upcoming Model 3 starts needing the EV equivalent of an oil change.
Tesla’s free Supercharger network was one of the best parts of being a Tesla owner. Free electricity and the lofty social status that comes with EV ownership? What’s not to like? Well, the the company just announced it’s about to make a “change to the economics of Supercharging.”
After issuing emails urging customers to stop hogging the network last year, Tesla has decided only to allow certain early adopters to make use of the fast-juicing power grid free of charge. Meanwhile, all customers purchasing vehicles after January 2017 will have to pay up.
Are you an absolutely shameless individual who is sick to death of walking and loves gimmicks? Ford has you covered with an entry from what it has dubbed a “Cult of Disruption Innovation.”
That, there’s a certain popular Japanese vehicle built in Canada that won’t be going to Europe (thanks to the United States), Tesla is now inexplicably in the glass making business, and minivans are in danger of going seatless in the event of a supplier strike… after the break!
Yesterday, after a brief delay and weeks of teasing, Tesla Motors said it will equip all of its new vehicles with the hardware needed for fully autonomous driving. Starting yesterday, the technology comes standard on every model, including the upcoming Model 3 sedan.
But that doesn’t mean you can use it anytime soon. (Read More…)
Four weeks after he said the Model 3’s design was six to nine weeks from being finalized, Tesla CEO Elon Musk now says he’ll need six more weeks until the affordable EV is off the drawing board.
Got that? When the Model 3 (scheduled for production in late 2017) was unveiled on March 31, almost everyone noticed the embryonic state of the vehicle, especially its blank-slate interior. What the future electric sedan will look like after Tesla finishes its design work is still anyone’s guess. (Read More…)
If you’re a Tesla owner who spent the past year diligently convincing your friends and family to join the club, clear your schedule for July 29.
The electric automaker recently mailed out invites to a grand opening party for its battery-producing Gigafactory, located (like a Bond villain’s lair) in the desert outside Reno, Nevada. The chances of guests being wowed by a fully operational factory humming with workers busily cranking out EV batteries is doubtful, though. (Read More…)
It’s billed as the affordable electric car of the future, but 12,200 reservations have dropped off the Tesla order list since the company’s Model 3 came on the scene.
The new tally was revealed when Tesla announced plans to raise $1.4 billion through a share offering to boost its financial standing, Bloomberg reports.
Since orders opened, 4,200 duplicate reservations have been erased by the company, and 8,000 customers have backed out of their purchase. That leaves 373,000 reservations on the books, each backed by a $1,000 check. (Read More…)
As the owner of a 2013 Tesla Model S P85 and occasional TTAC writer, I have my opinions on the Model 3. Many commenters thought Tesla’s business model of starting at the high-end and working its way down market was crazy, but Elon Musk had the right idea: use the cash flow from high-end car manufacturing to ramp up your engineering chops and supplier relationships so you can push prices down to eventually make a mainstream product.
That’s exactly what Tesla is doing and the plan seems to be working brilliantly — but there’s a catch: managing the engineering “complexity budget.”
In a bid to get the Model 3 out the door on time, ideally without the snafus that plagued the Model X, Tesla Motors has hired a longtime Audi executive to serve as vice-president of vehicle production.
The hiring of 22-year Audi veteran Peter Hochholdinger, first reported by Reuters, comes as Tesla ramps up its manufacturing capacity to handle the 400,000 reservations placed on its upcoming $35,000 sedan.
Amid the company’s all-out dash to bring its Fremont, California factory’s production capacity to 500,000 vehicles per year by 2018, a damning report just released by the Bay Area News Group sheds light on the low-cost foreign labor helping to build that capability. (Read More…)
At the Tesla Model 3’s glitzy unveiling, everyone knew the model was a half-baked cake. Now, company founder Elon Musk admits the much-hyped electric sedan still isn’t out of the oven.
Musk said in a recent conference call that the design of the $35,000 Model 3 EV still isn’t finalized, according to Reuters, and the company plans a spending spree to get the model into production on time. (Read More…)
Time’s a wastin’ if you want to impress your friends and neighbors with a gee-whiz Tesla Model 3 anytime in the next three years.
As he’s known to do, Tesla founder Elon Musk took to Twitter last night to warm wannabe owners about the growing wait for his $35,000 electric sedan. If you’re just lining up for a Model 3 now, consider signing a lease for another vehicle while you wait — you probably won’t have to terminate it early. (Read More…)
There’s probably no s’mores or ghost stories, but Tesla founder Elon Musk is still a fan of camping out at his company’s Fremont, California production facility.
Musk admitted to giving his sleeping bag a regular workout during a recent earnings call, during which he outlined his production goals for the upcoming Model 3. The optimistic deadline of July 1, 2017 is now viewed as impossible (due to supply issues), but Musk is optimistic that significant quantities of the $35,000 EV will be out the door before New Year’s Eve.
Musk might need to splurge on an upgraded sleeping bag next summer. (Read More…)