Tesla meets the production goal of model 3, struggles with deliveries
Tesla meets the production goal of model 3, struggles with deliveries
met its production goal in the third quarter for its Model 3 sedan, but fought for the cars to reach customers, underscoring the operational challenges that lie ahead for Chief Executive Elon Musk and his electric car company.
The company said on Tuesday that it obtained 53,239 models 3 during the three-month period, compared with 28,578 in the second quarter. Mr. Musk on August 1 forecast The company would make 50,000 to 55,000 models 3 during the third quarter.
Tesla delivered 55,849 models 3 during the period, slightly above the most recent consensus forecast of 55,600 analysts, which was recently reduced from 56,000 ahead of the automaker that published its figures. Tesla had previously said that 11,166 models 3 were in transit at the end of the second quarter, which would reach the third quarter results.
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Sales of the Model S sedan increased to 14,470 from 14,065 the previous year, while deliveries of Model X sport utility vehicles increased to 13,190 from 11,865. Sales during the third quarter totaled 83,500, compared to 26,150 the previous year and exceeded analysts' estimates of 80,000 for the period.
The quarterly results come days after Mr. Musk. resolved a claim for securities fraud That had threatened his future with the company. With that demand out of the way, attention is returning to Tesla's ambitious efforts to make consistent profits and transform itself into a conventional automaker.
Tesla shares fell 0.1% to $ 310.32 in the first operations.
The increase in Model 3 sales is key to Mr. Musk's plans to make profits in the third quarter.
Tesla is betting that Model 3 will become its first mass-market vehicle after demonstrating that it could build a global luxury electric car brand with its high-end model S and model X vehicles. Mr. Musk committed a to deliver a total of 500,000 vehicles this year with a high-tech assembly process designed for mass production.
Tesla instead He fought with his production line. and repeatedly did not achieve the objectives, and has not yet sold any model of Model 3 at its promised price of $ 35,000, offering the cheapest version for $ 49,000.
The company finally proved an ability to make 5,000 3s models in a period of seven days during the last week of June, a rhythm that Musk has said that the company must constantly reach to generate enough cash to avoid obtaining new capital.
During the third quarter, Tesla made an average of 4,000 models 3 per week. In the last week of the quarter, Tesla said, it produced more than 5,300 models 3.
The results show that Tesla has improved the weekly construction rate of Model 3, but has not yet reached a constant rate of 5,000 per week. The automaker had said it intended to reach 6,000 in a week at the end of August.
Apart from production, Tesla faces a new set of challenges associated with the movement towards the mainstream. While Tesla's Fremont, California, factory is producing cars, the company is struggling to put them in the hands of customers.
The SEC filed a lawsuit against Elon Musk for securities fraud in a market tweet in August about the possibility of Tesla being private. The news is just the latest development in a tumultuous year for the CEO. Illustration of the photo: Heather Seidel / The Wall Street Journal
Mr. Musk acknowledged Both on Twitter in September, saying that Tesla was running out of trailers to deliver cars and that he was building his own cars to help alleviate the situation.
Tesla owners, eager to help, volunteered to help at the company's stores and customers came to pick up their vehicles during the end-of-quarter hurry.
The unorthodox efforts underscore how Tesla, despite a market value which rivals
General engines
Co.
, is still in its infancy. The challenge for Tesla will be to maintain its vertiginous rhythm in the future.
Tesla said the delivery and exit logistics were the company's main challenges during the third quarter.
"We made many improvements in these processes throughout the quarter and plan to make further improvements in the fourth quarter so we can scale successfully," the company said in a statement.
Tesla had 8,048 models 3 in transit at the end of the quarter that count as deliveries in the fourth quarter.
The third quarter was tumultuous for Tesla since Mr. Musk committed several self-inflicted errors, many of them on Twitter. He was sued for defamation after suggesting in tweets that one of the men who helped in the rescue effort of the men's soccer team in Thailand was a pedophile.
On August 7, Mr. Musk surprised Wall Street by announcing on Twitter that he had secured funds for a proposal to make Tesla private. Seventeen days later, he surprised investors again by announcing that he was moving away from the effort.
The Securities and Exchange Commission filed a lawsuit last week alleging that he cheated investors with his tweets. The Department of Justice also was investigating.
Mr. Musk settled with the SEC over the weekend, give up his role as president while Tesla agreed to add two new independent directors to the board and establish a stronger government on Mr. Musk's communications. Mr. Musk remains the executive director and retains his seat on the board of directors.
The agreement with the SEC reduce the possibility Criminal prosecutors will persecute the executive, according to former prosecutors and other experts in criminal law.
Write to Tim Higgins in Tim.Higgins@WSJ.com
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