• Tesla Motors brushes off 1Q net loss

    From Leroy N. Soetoro@21:1/5 to All on Thu May 5 04:56:21 2016
    XPost: alt.autos.gm, alt.autos.ford, rec.autos.misc
    XPost: alt.autos, sac.politics

    http://www.heraldsun.com.au/business/breaking-news/tesla-motors-brushes- off-1q-net-loss/news-story/dc01bcaf5dddb1ae03122bcce4856759

    Electric car-maker Tesla Motors has brushed off a big first-quarter loss
    and cheered investors with news that it plans to accelerate its production plans.

    Tesla's loss rose 84 per cent to $US282 million ($A378.32 million) in the
    first quarter as it struggled with parts delays for its new Model X SUV.

    The company's stock-based compensation costs also more than doubled during
    the quarter to nearly $US90 million.

    The loss, of $US2.13 per share, far exceeded Wall Street's forecasts.
    Analysts polled by FactSet expected a loss of 87 US cents per share.

    But Tesla's shares jumped 3 per cent to $US229.48 in after-hours trading
    after the company said it's pushing ahead its plan to make 500,000
    vehicles per year to 2018, two years earlier than scheduled. That's up
    from 50,000 vehicles in 2015.

    Tesla said it remains on track to deliver 80,000 to 90,000 vehicles this
    year after resolving the Model X production issues.

    It also reaffirmed that production of the lower-cost Model 3 car will
    start in 2017. Tesla has set July 1, 2017 to start production of the Model
    3 and wants to make 100,000 to 200,000 cars in the second half of the

    Tesla chief executive Elon Musk, who has a desk and a sleeping bag at the company's California factory, said he celebrated the first flawless
    production of a Model X at 3am last Friday - eight months after the
    company started deliveries to customers.

    He stressed that the Model X - with its gull-wing doors and free-standing
    rear seats - is much more complicated than the Model 3, so industry
    watchers shouldn't assume the company will have similar production
    problems. Tesla also will be tougher on suppliers who can't meet its
    deadlines, he said.

    "No element of Model 3 can be approved unless manufacturing says it's easy
    to manufacture," Musk told analysts in a conference call on Wednesday

    Tesla unveiled the Model 3 on March 31. With a starting price of around $US35,000, it will be the most affordable car in the company's 13-year
    history. Tesla said more than 325,000 people put down a $US1,000 deposit
    to reserve the car in the first week after the unveiling. Musk said
    customers should order now if they want to receive their car in 2018.

    Musk also called for manufacturing experts to join the company. The plea
    came as Tesla confirmed that its vice presidents of manufacturing and production are both leaving the company.

    Tesla delivered 14,810 Model S sedans and Model X SUVs in the January-
    March period. That was lower than expected, largely due to the Model X
    delays. But it was still a 48 per cent increase in deliveries over the
    same period a year ago.

    First-quarter revenue rose 22 per cent to $US1.1 billion. The company said Model X prices - which start around $US80,000 - were about 30 per cent
    higher than for the Model S.

    Tesla says unadjusted figures do not reflect its true performance because accounting rules limit how it records revenue for leases. On an adjusted
    basis, the company lost 57 US cents per share, beating Wall Street's
    forecast for a 60 US cent loss.

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