Tesla Pushes Back Model 3 Manufacturing Forecast, Again
Tesla Pushes Back Model 3 Manufacturing Forecast, Again
05 January, 2018, 15:22
According to Chief Financial Officer Deepak Ahuja, the company's cash flow is to "improve significantly" during the upcoming several quarters, since Model 3 production ramp-up continues.
As would be expecting, the Tesla Q4 2017 deliveries report focuses on an optimistic worldview, noting that the quarter brought more record-high production numbers for the Model S and Model X. On a combined basis, deliveries of the two vehicles were up 27% year over year and 9% quarter over quarter.
"Tesla needs to get the Model 3 right in order to succeed as a company" Anand said.
Tesla's future is tied closely to the promise of the Model 3, a no-frills sedan that's roughly half the cost of a low-end luxury Model S and Model X. Musk has said that his Model 3 is meant to be an electric vehicle for the budget-conscious, and its development would be subsidized by the glitzier older models. According to Reuters, firms predicted deliveries between 5,800 on the high end to 2,250 on the low end.
Tesla Model 3 production ramps from 2,500 in 2017 to greater than 150,000 in 2018.
In typical fashion, Elon Musk earlier this year enthusiastically boasted that the mass market Model 3 wouldn't be subject to the type of frustrating production delays that plagued both the Model S and the Model X. What's more, Musk went the extra mile and said that Model 3 production would reach 5,000 a week by December of 2017, a benchmark Tesla didn't even come close to reaching.
Tesla previously said it delivered 260 Model 3s in the third quarter of 2017.
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That number fell well short of Elon Musk's promise of producing 20,000 Model 3 sedans per month beginning in December.
Tesla confirmed that it had "slightly reduced" its Model S and Model X production rates to redirect resources toward solving the production bottlenecks that had bedeviled the Model 3 in the second half of the year.
As of September 30th, Tesla's cash and cash equivalents were estimated at $3.5 billion. In total, 101,312 units of the Model S and Model X found homes in 2017, an increase of 33% over the previous year.
Production, however, hit snags during a period of "manufacturing hell" Musk first warned of in July.
Tesla has yet to detail the production problems at its manufacturing plants. That's where battery cells are packaged into modules and four modules are packaged into battery pack. If you signed up to get a vehicle when it was revealed in 2016, you can now expect to wait until late 2018 or 2019 to get your ride. Looking ahead, Munster believes that Tesla may be able to boost Model 3 production in 2018 to 150,000 units.
Beyond the Model 3, Tesla's overall auto deliveries were on target for the fourth quarter and the year as a whole.
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