Archive for the ‘model 3’ Category

Tesla deliveries fall—especially for high-end Model S and X

April 4th, 2019
Elon Musk.

Enlarge / Elon Musk. (credit: Robyn Beck-Pool/Getty Images)

Tesla delivered 63,000 vehicles to customers in the first quarter of 2019, the company announced on Wednesday evening. That's a dramatic 31 percent decline from the previous quarter, when Tesla delivered 90,700 vehicles.

Analysts have been expecting that Tesla would announce a quarter-to-quarter decline in deliveries, but this drop exceeded Wall Street's expectations. Wall Street analysts were expecting Tesla to deliver around 75,000 cars.

Analysts expected Tesla to have a down quarter because the US tax credit for buying a Tesla was scheduled to fall from $7,500 to $3,750 on January 1. So Americans thinking about buying a Tesla late last year made sure take delivery by December 31, causing US demand to dry up in January.

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At a quick Los Angeles event, Tesla announces the 300-mile-range Model Y

March 15th, 2019

Tonight in Los Angeles, Tesla CEO Elon Musk showed off a prototype version of the Model Y, the fourth mass-produced vehicle that the electric car maker will bring to market. The vehicle, as expected, will be a larger, SUV-version of the Model 3, much like the Model X was the larger, SUV-version of the Model S.

Musk revealed very few details about the upcoming car, but a few key figures stuck out: the 300-mile, long-range version of the vehicle will go into production in Fall 2020 with an MSRP of $47,000. The 230-mile, standard version will cost $37,000 and go into production in Spring 2021, according to Musk. The Y will seat seven people with 66 cubic feet of storage space.

The vehicle will also have the option of a dual-motor all wheel drive option and a performance option, at an additional cost.

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Feds investigating deadly Friday Tesla crash in Florida

March 2nd, 2019
Feds investigating deadly Friday Tesla crash in Florida

Enlarge (credit: Tesla)

The National Transportation Safety Board is dispatching a team of investigators to Delray Beach, Fla., to investigate a Friday morning crash that killed the driver of a Tesla Model 3. The National Highway Traffic Safety Administration is also investigating the crash.

According to the preliminary report of the Palm Beach County Sheriff's office obtained by Eletrek, a semi truck was making a left turn onto SR 7 when the Model 3 crashed into it from the side. The Model 3 passed under the trailer, shearing off the top of the vehicle. The driver—who was identified by NBC News as 50-year-old Jeremy Beren Banner—died at the scene of the crash.

(credit: Google Maps)

The sheriff's report indicates that the truck driver stopped at a stop sign before initiating his left-hand turn. The Tesla vehicle traveled for an additional 0.3 miles (around 500 meters) before coming to a stop.

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Tesla’s Model 3 loses coveted Consumer Reports recommendation

February 21st, 2019
Tesla's new Model 3 car on display is seen on Friday, January 26, 2018, at the Tesla store in Washington, DC.

Enlarge / Tesla's new Model 3 car on display is seen on Friday, January 26, 2018, at the Tesla store in Washington, DC. (credit: Getty Images)

Last year, Tesla won a Consumer Reports recommendation for the Model 3 thanks to a last-minute upgrade to its braking software. But on Thursday, the magazine rescinded its endorsement of the vehicle due to poor results in its customer survey.

"Model 3 owners in our spring survey sample reported some body hardware and in-car electronics problems, such as the screen freezing, which we have seen with other Tesla models," wrote CR's Patrick Olsen. "The latest survey data also shows complaints about paint and trim issues. In addition, some members reported that the Model 3's sole display screen acted strangely."

"The vast majority of these issues have already been corrected through design and manufacturing improvements, and we are already seeing a significant improvement in our field data," a Tesla spokesperson told Consumer Reports in an emailed statement.

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Tesla gets green light to sell Model 3 in Europe

January 22nd, 2019
Tesla's new Model 3 car on display is seen on Friday, January 26, 2018 at the Tesla store in Washington, DC.

Enlarge / Tesla's new Model 3 car on display is seen on Friday, January 26, 2018 at the Tesla store in Washington, DC. (credit: Getty Images)

Tesla has cleared the final regulatory hurdle to selling the Model 3 in Europe, allowing the electric carmaker to begin shipping the vehicles to Europe. Reuters reports that RDW, the automotive regulatory authority in the Netherlands, has signed off on the Model 3. Under EU rules, regulatory approval in one country allows Tesla to sell its cars across the EU territory.

EU law requires an automaker to get "type approval" for each vehicle it wants to sell in the European Union. Tesla shipped several production Model 3s to RDW, which put them through a battery of tests. They checked that the vehicles met all the requirements of EU law: brake performance, lights, crashworthiness, emissions, and so forth.

The approval comes just in time. A Belgian news site reports that Tesla is expected to ship as many as 3,000 cars a week to the Belgian port of Zeebrugge for subsequent distribution across the continent.

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Tesla delivered 90,700 cars in Q4, Wall Street freaks out

January 2nd, 2019
Tesla's Fremont factory in July 2018.

Enlarge / Tesla's Fremont factory in July 2018. (credit: Mason Trinca for The Washington Post via Getty Images)

Tesla produced a record number of cars in the final quarter of 2018, the company reported on Wednesday. Tesla produced 61,394 Model 3s, a 15 percent gain from the previous quarter. Production of the Model S and Model X totaled 25,161 units—slightly below last quarter's figure of 26,903.

This represented a new overall production record, but Wall Street wasn't impressed. As I write this, Tesla's shares are down about 8 percent for the day to $305.

Tesla produced about 4,700 Model 3 vehicles per week in the fourth quarter. Notably, that's still below the 5,000-car weekly production rate Tesla achieved—however briefly—in the final week of June. It's also well below targets previously articulated by CEO Elon Musk.

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Report: Tesla has more than 3,300 Model 3s remaining in US inventory

December 31st, 2018
Report: Tesla has more than 3,300 Model 3s remaining in US inventory

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On Sunday, auto blog Electrek reported that there were more than 3,300 Model 3 vehicles sitting in Tesla's US inventory, according to an unnamed source familiar with the matter. The source added that, although Tesla has been working to sell every last vehicle before the end of December 31, when the $7,500 Federal Tax Credit for the company's customers expires, it has still built up an inventory.

Ars contacted Tesla to confirm this information, but we did not receive an immediate response.

Tesla sold its 200,000th electric vehicle in Q2 2018, leaving the company with two remaining quarters to sell vehicles that would receive the full tax credit. Starting January 1, all newly delivered Teslas will only qualify for a $3,750 Federal Tax Credit.

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Report: Tesla faces “deepening criminal investigation” into Model 3 production

October 26th, 2018
Report: Tesla faces “deepening criminal investigation” into Model 3 production

Enlarge (credit: Troy Harvey/Bloomberg via Getty Images)

Tesla is reportedly undergoing a "deepening criminal investigation" by the FBI into whether the company misled investors with respect to production of Model 3 vehicles, according to The Wall Street Journal. The newspaper cited "people familiar with the matter," who said that federal prosecutors based in San Francisco have "intensified" their work in recent weeks. Neither the FBI nor the United States Attorney’s Office in San Francisco immediately responded to Ars’ request for comment.

Kamran Mumtaz, a Tesla spokesman, sent Ars a statement, saying that earlier this year the company received a voluntary request for documents, which it complied with. "We have not received a formal subpoena, a request for testimony, or any other formal process, and there have been no additional document requests about this from the Department of Justice for months," the statement said. "Tesla’s philosophy has always been set to truthful targets—not sandbagged targets that we would definitely exceed and not unrealistic targets that we would never meet."

Mumtaz did not immediately answer Ars’ question as to whether any Tesla official had been interviewed by federal investigators.

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Posted in cars, DOJ, Elon Musk says Tesla is in Model 3 "production hell", model 3, Policy, Tesla | Comments (0)

Why almost everyone was wrong about Tesla’s cash flow situation

October 26th, 2018
Why almost everyone was wrong about Tesla’s cash flow situation

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Tesla confounded critics on Wednesday by reporting healthy profits and significantly positive cash flow in the third calendar quarter.

For months—years, actually—critics have warned that cash flow problems threatened the company's survival. Many experts scoffed when CEO Elon Musk claimed back in April that he would deliver positive cash flow—and profits—starting in the third quarter of 2018. Bloomberg ran a splashy feature titled "Tesla Doesn't Burn Fuel, It Burns Cash"—complete with a graphic of Musk throwing dollar bills into a pair of Boring Company flamethrowers.

"They're going to be on the verge of bankruptcy, because they need the capital markets to survive," investor John Thompson told Fox News the same month.

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Tesla lost $401 million from revenues of $2.7 billion in Q2 2017

August 2nd, 2017

Enlarge / The Tesla Model 3. (credit: Tesla)

On Wednesday afternoon, Tesla released its Q2 2017 financial results: a loss of $401 million from total revenues of $2.7 billion over the three months up until June 30th. That’s more or less the same performance as the company reported for Q1 2017, but it does show a 49 percent jump in revenue and 53 percent jump in vehicle deliveries compared to the same period in 2016. Depending upon whether Generally Accepted Accounting Practices (GAAP) were used, the net loss to shareholders was $2.04 per share (GAAP), or $1.33 per share (non-GAAP). It ended the period with $3 billion in cash.

During the quarter, Tesla produced 25,708 Model S and Model X electric vehicles and delivered 22,026 of them to customers. Sales of zero-emissions tax credits brought in another $100 million, and the company’s energy generation and storage activities saw a big increase, bringing in $287 million (compared to $214 million for Q1 2017 and just $3.9 million for Q2 2016). The company’s operating expenses actually decreased compared to Q1 2017, despite spending almost $48 million more on research and development.

In its earnings statement, Tesla revealed that it has been averaging 1,800 Model 3 reservations a day since the handover of the first production cars on July 28th. First deliveries to non-Tesla employees will begin in Q4 this year. Tesla says that production of the Model 3 will be limited by the slowest part of its supply chain and manufacturing process, but the company is confident it can build “just over 1,500 vehicles in Q3.” Output of the new EV is predicted to rise to 5,000 per week by the end of 2017. CEO Elon Musk told an earnings call that “what we have ahead of us is an incredibly difficult production ramp. But I’m very confident we can reach a rate of 10,000 vehicles per week by the end of next year.”

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