Tesla delays Model 3 volume production amid biggest-ever quarterly loss

Stock's Update: Tesla, Inc. (NASDAQ:TSLA), Foot Locker, Inc. (NYSE:FL)

"In Q3, we delivered 25,915 Model S and Model X vehicles and 222 Model 3 vehicles, for a total of 26,137 deliveries".

"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 in a letter to investors.

Complications with Tesla's manufacturing processes have slowed production of the Model 3, a vehicle widely considered key to Tesla's future success.

Tesla said there are no issues with its supply chain.

Wall Street is keeping a close eye on Tesla's earnings after it was previously reported that it plans to cut 40% of its Model 3 sedan parts orders because of a "production bottleneck".

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

The company said it now expects to build 5,000 Model 3s per week by late in the first quarter of 2018 from its original target date of December. 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. Pittenger & Anderson Inc. raised its position in Tesla by 20.0% during the 2nd quarter.

Nomura restated their buy rating on shares of Tesla Inc.

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

Tesla warned that its adjusted gross margin would decline to about 15 percent due to a higher mix of lower-margin Model 3 deliveries in the fourth quarter, but then recover in the first quarter of 2018.

In Russia since the beginning of this year, dealers sold 46 new electric vehicles from the American company Tesla.

The company also reported its biggest quarterly loss ever, below analysts' expectations, sending shares down almost 5 percent after hours after falling 3 percent in normal trade.

Tesla's revenue rose 30 percent to $2.9 billion for the quarter, in line with analysts' expectations. Shares of far larger automaker General Motors have climbed about 23 percent, while Ford shares are up almost 2 percent.

The company's consensus rating on Reuter's scale slipped from 1.95 to 1.89 during a month.

Related News:

  • The Weeknd and Selena Gomez split

    The Weeknd and Selena Gomez split

    Selena can easily date any guy she wants in the celebrity world, yet she'll always end up going back to Justin . Prior to dating Selena , The Weeknd was involved in a 18-month relationship with model Bella Hadid .
    Kurdish parties opposed to Barzani claim attacks on offices

    Kurdish parties opposed to Barzani claim attacks on offices

    They attacked lawmakers and reporters while a crowd outside parliament waved Kurdish flags. The referendum resulted in more than 92 percent of Iraqi Kurds choosing independence.

    First Trust Advisors LP Sells 170027 Shares of Ford Motor Company (F)

    The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. However, the company's European operations would return to profitability in the fourth quarter and for the full year.
  • South Africa clear leaders to host 2023 Rugby World Cup

    South Africa clear leaders to host 2023 Rugby World Cup

    Vision and hosting concept was worth 10pc of the overall score, with Ireland finishing second in this category with 6.75pc. They also included the likely commercial success and guarantees, venues and political stability.
    GameStop offers used video game rentals with PowerPass program

    GameStop offers used video game rentals with PowerPass program

    If you're someone who likes to play a lot of games and lives near a GameStop, however, it sounds like a pretty good deal. It's the upgraded loyalty program that earns you bonus points and a subscription to Game Informer magazine.
    Your iPhone X may be delivered even sooner than expected

    Your iPhone X may be delivered even sooner than expected

    Back in 2005 a Microsoft employee was let go after his stepson posted photos of the Xbox 360 online before the console was launched.
  • Kim Jong-un and wife, Ri Sol-ju, visit cosmetics factory

    Kim Jong-un and wife, Ri Sol-ju, visit cosmetics factory

    Ri married Kim in 2009 and is believed to have given birth to three children, according to South Korean intelligence. Over the years many countries have stopped importing luxury goods into North Korea as a result of sanctions.
    Sprint is reportedly pulling out of T-Mobile merger talks

    Sprint is reportedly pulling out of T-Mobile merger talks

    SoftBank Group , which owns Sprint, has called off a planned all-stock deal that would have merged the two wireless companies. WSJ claims that SoftBank's board met in Japan over the weekend, and expressed concern about giving up control of Sprint.
    2.0 audio launch: Rajinikanth, Akshay, Amy, others take Dubai by storm

    2.0 audio launch: Rajinikanth, Akshay, Amy, others take Dubai by storm

    Akshay Kumar , who is the antagonist of the movie, was quoted as saying, "2.0 is not a Tamil film, it's an Indian film". The movie 2.0 was acted by Superstar Rajinikanth, Amy Jackson and Bollywood star Akshay Kumar in the negative role.
  • Iran meeting nuclear deal commitments: IAEA

    Iran meeting nuclear deal commitments: IAEA

    A CNN poll this month revealed that two-thirds of Americans are opposed to the US ditching the deal. This (was) the main thrust of the meeting in Iran ...
    Virat Kohli fan enters ground, detained by Kanpur police

    Virat Kohli fan enters ground, detained by Kanpur police

    Chahal soon spun into action to send Munro and Williamson trudging back to the pavilion as New Zealand stumbled in their chase. It was played in great spirits, it's always to great to come here. "The quickly you rectify, the better it is", Rohit said.
    Congress is speaking Pak language on Kashmir: Modi

    Congress is speaking Pak language on Kashmir: Modi

    Chidambaram's response was that Modi hadn't read his comments fully, and that he was attacking a "ghost". Chidambaram landed in controversy after saying that Kashmir needed autonomy.


Most liked

Camden County Offering Free Flu Shots to Residents
Maryland is preparing for a busy flu season, including Harford County, the department noted in a news release. Oeding emphasized the importance of the vaccine for those who interact with children under 6 months old.

Bills get WR Kelvin Benjamin in surprise trade with Panthers
But remember that Panthers GM Marty Hurney and first-year Buffalo GM Brandon Beane (a former Panthers lifer) are long friends. He commented about it on Twitter on Tuesday, calling it "madness" and asking for help understanding what the team is doing.

Roma go top of Group C after easy win against Chelsea
Chelsea now sit top of Group C in the Champions League with seven points from a possible nine. "That game must be a starting point for us".

Turkey, Azerbaijan cherish long-standing bilateral ties strengthened with cooperation
Its total cost surpassed $1 billion, with the bulk of the financing coming from Azerbaijan's state oil fund. The project, which included 105 kilometers of new track, was launched in 2007.

Gary Neville reveals why Jose Mourinho shushed camera vs Tottenham
And playing football, for a striker, is not just about scoring goals". "I think, like many people, that Romelu is a great forward".

Philadelphia 76ers rookie Markelle Fultz out indefinitely because of right shoulder
Fultz is out indefinitely because of soreness and scapular muscle imbalance in his right shoulder, the Sixers said Sunday. According to the Sixers, there's no structural damage to Fultz's shoulder, and he visited "several shoulder specialists".

Antonio Conte opens up about Danny Drinkwater at Chelsea
It is not like I will be going out there thinking, "I want to prove this and that". He also confirmed that N'Golo Kante and Victor Moses will not be available today.

White House denies role in Whitefish contract
But the industry plan may conflict with the goals of the federal control board that oversees Puerto Rico's troubled finances. The company is headquartered in the town of Whitefish, the hometown of US Interior Secretary Ryan Zinke.

Bears lose Zach Miller to gruesome leg injury on negated touchdown
With the Bears Miller has produced back-to-back seasons just under 500 yards and has snagged in no less than 4 touchdowns a year. Benson is "heading to get checked out then home for rest, but all good" Bensel said.

Watch Linkin Park And Friends Celebrate Chester Bennington At The Hollywood Bowl
The entire night was a surreal experience, one the band streamed for free worldwide on their official YouTube channel. His wife Talinda Bennington told those in attendance that her husband would have loved the spirit of the evening.

Winx makes it 22 straight - just - with Cox Plate win
Just as she's done in so many of her historic wins, Winx ambled up on the leaders, appearing as comfortable as ever. We will just look at her and see how she has recovered.

Modi seeks debate on intra-party democracy, targets Congress
There needs to be transparency in the recruitment of political parties, the prime minister told the journalists gathered. The funding of political parties is a point of media discussion and many things come out in the open.

U.S. issues new targeted North Korean sanctions for Human rights abuse
The comments by Mattis come a month after the North carried out its sixth nuclear test which was the biggest it had tried to date. On Friday, Song called North Korea's actions a "reckless provocation", while Mattis labeled them "outlaw behavior".

Steam now lets you buy digital gift cards
You can purchase them with the normal Steam methods of payment, whether you choose credit or debit cards, PayPal, or Bitcoin. Physical gift cards are also available at a number of stores, and can be redeemed for Steam wallet credit.

What President Trump's Public Health Emergency Declaration Means for the Opioid Crisis
The Medical Care Journal estimated past year the economic cost of opioid overdoses, dependence and abuse was almost $79 billion.