The electric automaker has stumbled since it released the first 30 Model 3 vehicles at the end of July with ambitious plans to scale up its operations to pump out the "affordable" electric sedans to compete with much larger, more traditional auto companies. He declined to say exactly how many Model 3's Tesla would be producing by the end of the year, but predicted the number would be "in the thousands".
The company has been having trouble keeping up with the demand for its electric vehicles, prompting it to cut production of two vehicles.
Tesla's negative free cash flow swelled to $1.4 billion, more than analysts had expected. The share price has moved backward from its 20 days moving average, trading at a distance of -4.04% and stays -5.51% away from its 50 days moving average.
The main production constraint Tesla had faced was at the battery module assembly line, where it said it had redesigned some of the automated processes and was now hoping throughput could increase. Can raised its stake in Tesla by 2.7% in the 2nd quarter.
In Q3, we delivered the 250,000th Tesla.
Tesla saw capital expenditures of about $1 billion in the fourth quarter and said it was "well capitalized" for the delayed Model 3 production schedule. Vetr upgraded Tesla from a "strong sell" rating to a "sell" rating and set a $341.74 price target on the stock in a research note on Wednesday, September 20th. It also spent $325 million to repay a credit facility in the quarter. That, industry experts say, is among the reasons Tesla is nowhere close to its aggressive goal of building 500,000 vehicles annually by next year, a lot of them Model 3s. On average, analysts anticipate that Tesla will post ($6.70) earnings per share for the current fiscal year. Revenue rose 2% to $16.10 billion, beating the FactSet consensus of $15.52 billion, as 9% growth in premiums, fees and other revenue offset a 7% drop in net investment income. (NASDAQ:TSLA) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. Tesla expects Model 3 non-GAAP gross margin to reach breakeven by end of Q4 as capacity utilization kicks in at higher volume. Revenue was $2.98 billion for the three-month period, up from roughly $2.30 billion a year ago.
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