jh-siesta.com January 22, 2018

Tesla production snags delay Model 3 electric auto

02 November 2017, 12:24 | Sammy Green

Trend-Spotting Tool Analysis – QUALCOMM Incorporated (NASDAQ: QCOM)

Tesla Model 3 production ramp-up the key issue in this evening's results statement

"While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it hard to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear", the company said.

Tesla said there are no issues with its supply chain.

The company will also be reducing production of its luxury vehicles, the Model S and Model X, to reallocate those resources to the Model 3.

Tesla's negative free cash flow swelled to $1.4 billion, more than analysts had expected.

The automaker said Wednesday in its third quarter earnings report that Model 3 production has been slowed by progress at its Gigafactory, now saying it will reach its goal of producing 5,000 of the vehicles per week by early 2018, rather than the end of 2017. With several hundred thousand people placing refundable deposits for the vehicle, anyone who orders a auto now is unlikely to receive it until at least 2019, and possibly later. Tesla said it was redesigning two parts of the battery assembly process, "key elements of which were done by manufacturing systems suppliers", to streamline its automated manufacturing process. Year-to-date, TSLA has gained 55.15%, versus a 16.68% rise in the benchmark S&P 500 index during the same period.

Tesla's soaring stock has made the company the second-most valuable USA automaker behind General Motors Co (GM.N), which had annual net profit of $9.4 billion in 2016.

Still, the company said the Model 3 would overcome those challenges and hit a breakeven point in gross profit margin by the fourth quarter of 2018.

Tesla could face major new requirements for cash given Model 3 problems, a possible factory in China, and plans to develop other vehicles, including an electric heavy duty truck.

The company says it's on pace to deliver 100K vehicles for the full year.

Tesla, Inc. (NASDAQ:TSLA) last session's volume of 5.64 million shares was lower than its average volume of 5.76 million shares. Can now owns 69,562 shares of the electric vehicle producer's stock worth $25,129,000 after buying an additional 1,802 shares during the last quarter.

The news wasn't entirely bad for Tesla, however, the carmaker reporting revenues for the third quarter of $2.98 billion, a record, and up from the consensus forecast of $2.95 billion.

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