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February 23, 2017 12:00 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/DNF_4kVYl6s/tesla-posts-earnings-loss-but-claims-model-3-production-will-start-in-july
Tesla Posts Earnings Loss But Claims Model 3 Production Will Start In July
An anonymous Slashdot reader shares a report from BGR: Tesla on Wednesday released its earnings report (PDF) for the company's recent fourth quarter. When the dust settled, Tesla posted revenue of $2.28 billion and a loss of 69 cents per share. By way of contrast, Tesla during the same quarter a year-ago posted a loss of $0.87 per share on the back of $1.75 billion in revenue. Notably, Tesla notes that its cumulative 2016 revenue checked in at $7 billion, a 73% increase from 2015. As far as the Model 3 is concerned, Tesla's press release relays that the company is still on track to begin production in July ahead of volume production in September. Tesla notes in its press release: "Our Model 3 program is on track to start limited vehicle production in July and to steadily ramp production to exceed 5,000 vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018. To support accelerating vehicle deliveries and maintain our industry-leading customer satisfaction, we are expanding our retail, Supercharger, and service functions. Model 3 vehicle development, supply chain and manufacturing are on track to support volume deliveries in the second half of 2017. In early February, we began building Model 3 prototypes as part of our ongoing testing of the vehicle design and manufacturing processes. Initial crash test results have been positive, and all Model 3-related sourcing is on plan to support the start of production in July. Installation of Model 3 manufacturing equipment is underway in Fremont and at Gigafactory 1, where in January, we began production of battery cells for energy storage products, which have the same form-factor as the cells that will be used in Model 3."Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/DNF_4kVYl6s/tesla-posts-earnings-loss-but-claims-model-3-production-will-start-in-july
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