Tesla gives wishy-washy outlook for Model 3

Tesla gives wishy-washy outlook for Model 3

It seems that delivery estimates have been less impacted for reservation holders who already had later dates, whether because they are on the east coast, outside the USA, or they are not current Tesla owners.

Tesla might be used to burning through cash like it's petrol, but the £506m loss that the USA electric auto maker just posted for the third quarter of 2017 is its worst yet. This earnings call was especially anticipated in advance of the Q3 production numbers that Tesla posted in early October. However, he also warned that Tesla Inc (TSLA) stock will likely remain pressured for now because the company is two or three months behind schedule for the Model 3.

"Model 3 is a smaller, simpler, more affordable electric vehicle", per Tesla's website. At least one lawsuit has been filed by investors.

The setbacks lengthen the wait for hundreds of thousands of customers waiting for their Model 3 and extend the payoff period for the billions of dollars the company has spent to expand. The company said "a handful" of assembly lines had taken "longer to activate than expected".

Tesla said it would now produce 5,000 of the cars each week by early 2018, instead of December. That said, the company forecast that output of those vehicles will fall about 10% in the fourth quarter from the previous three months. In third-quarter 2017, the combined sales of Model S and Model X grew 4.5% from the year-ago figure.

"(1) What is happening to demand for the product? Similar problems ramping up production also plagued the company's first two vehicle models - the Model S sedan and the Model X SUV.

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Baird analyst Ben Kallo is still a believer in the company, so he reiterated his Outperform rating and $411 price target for Tesla Inc (TSLA) stock following the results, and he's not the only one to hold steady.

The company said it had US$3.53 billion in cash and cash-equivalents as of September 30, compared with US$3.04 billion at the end of the second quarter. He added Tesla's now at an 8, and he sees smoother sailing ahead. Tesla is redesigning parts of the production process to ramp up the pace. He claimed a "sub-contractor really dropped the ball, and we didn't realize the ball was dropped until quite recently..." Tesla's stock has risen 68% during the past year, and 998% in the past five years, making for a more than spectacular return for the bulls and leaving Tesla's bears, well, in the dust. The First Manhattan Company holds 29,876 shares with $669,000 value, up from 14,660 last quarter.

Tesla's stock is getting clobbered after the company reported its largest-ever quarterly loss on Wednesday.

The outspoken Musk was surprisingly subdued during a webcast scheduled to discuss the third-quarter earnings, officially blaming that on a cold, but clearly on the defensive after having to acknowledge Tesla's recent troubles.

Services and Other revenues increased to $304.3 million from $126.4 million in the year-ago quarter.

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