Tesla Model 3 sets cross-country electric vehicle record for $101, report says

05 January, 2018, 15:22 | Author: Elena Summers
  • One-third of the quarter’s S3 were made in the last seven days. Bill Pugliano  Getty Images

Tesla delivered just 1,550 Model 3 sedans during the fourth quarter, falling well short of the 2,917 figure Wall Street expected.

The Elon Musk-headed company delivered a total of 101,312 Model S and X vehicles in 2017 for a 33% year-on-year rise.

Tesla noted that Model 3 deliveries to non-employee customers are now accelerating rapidly as the company made major progress addressing production bottlenecks in October-December 2017.

The delay sent shares of the Palo Alto, California-based company down 3.5 percent in pre-market trading Thursday.

The Model 3 was supposed to be designed for mass production, and that process has been underway for half a year now (the vehicle launched back in July).

The electric-vehicle maker now expects to assemble 5,000 Model 3s a week by the end of June, delaying plans to reach that milestone by another three months.

Tesla has been blowing through more than $1 billion in cash a quarter as it's had trouble scaling up Model 3 output despite spending heavily on the robots, assembly lines and tooling needed to produce them. It built 793 Model 3 cars in the last seven working days of the fourth quarter, according to the press release issued Wednesday afternoon.

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Notwithstanding those conveyances, Tesla said there were 2,520 Model S and X vehicles and 860 Model 3 vehicles in travel to clients toward the finish of the quarter, which Tesla will include as conveyances Q1 2018.

"It is impossible to purchase cylindrical batteries within Japan and we were even notified by Panasonic that they are not going to sell cylindrical batteries anymore." said a representative for a Japanese battery distributor, . That speaks to a 27 percent expansion over a similar quarter in 2016 for the two models joined, and a 9 percent increment over Q3 2017, Tesla's past best quarter, the organization said.

"Each time that happens the concern will grow" about Tesla's ability to reach mass production with the Model 3, even though "I always felt like their production targets for this auto would be a big learning curve for them", Caldwell said.

Tesla has yet to detail the production problems at its manufacturing plants.

"Musk has a long pattern of missing production and financial targets set not just years ahead but a few months ahead". That's where battery cells are packaged into modules and four modules are packaged into battery pack. The organization said that over the most recent couple of days of the quarter it achieved a creation rate that "extrapolates to more than 1,000 Model 3's for every week".

It isn't easy to bring a new vehicle to market, but this isn't some radical departure from either automotive norms or Tesla's own capabilities.

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