Tesla Has Reported Its Biggest-Ever Losses As Model 3 Production Still Lags
Tesla has released its worst financial results ever. Investment in increased production of both the Model S and Model X was apparently behind quarterly losses that shot up to $619 million (£468 million), and whichever way you slice that, it doesn’t look good.
It almost doubles the second-quarter losses posted by the tech pioneer. Versus the same three months last year it represents a negative swing of about $641 million. Ouch.
Meanwhile, Elon Musk has blamed ‘welding issues’ for delays in the Model 3’s production. The entry-level car is made mainly from steel, not the aluminium that the company is used to working with for the Model S and Model X. It makes that hypnotic production video look a bit redundant.
With the target of 20,000 Model 3s built by December now totally impossible because of production bottlenecks, wait times for a Model 3, as confirmed by Musk himself, are now expected to be around 12 months. There are around 400,000 people on the waiting list for a car. It’s enough to make people look elsewhere, and rivals could potentially exploit the delay. Time will tell.
Comments
I think the decision to release all Tesla’s patents will start coming back to haunt them now as they start to lose their advantage over the mainstream auto industry. Everyone is working on an EV now and Tesla will become just another auto maker without the production scale to make it pay or the innovative tech to justify the price premium. The big players will surely push Tesla out of the picture. Perhaps Musk should sell it off while it’s still worth something and focus on getting his rockets to work properly.
I see what you mean but I don’t see that happening before a couple of years at least. Every EV on the market except for Tesla is a little urban electric car, which represents hardly any premium competition. The Germans have nothing worth the mention as of yet. So Tesla has a few years till they have to start worrying about that
Yay mor debt
The problem is: Tesla is great, but it needs manufacturer help. If for example, Ford would buy Tesla and help them make cars, Tesla would work much better.
I don’t think Tesla is great.
For a car company that offers the “future” today, hypes tech addicted people, delivers defective cars with tons of flaws by the rushed production , massively fires employees/prevents them from making a syndicate via threats…i think Tesla leaves much to be desired if they are the future…they should put their shit together with the employees and production/factories first rather than bragging about 0-60 times and insulting ICE car lovers.
In my opinion, EVs are a waste of time, manufacturers could have resorted to an even cleaner and more efficient fuel such as hydrogen, yet, the only Fuel Cell car in production is the ugly Toyota Mirai, I’m a petrolhead and I love ICE engines, so it makes it no different to EVs in trying to replace ICE engines so here’s why I have this idea, I think making a hybrid out of a small ICE engine (1600-2000cc) along with a Fuel cell motor that works independently under 80km/h (city speeds) should be taken into consideration, the petrol engine can do its job on highways or countrysides, or simply out of crowded cities.
In my opinion, this is more of a Musk problem than a Tesla problem. The man’s a dreamer who promises the best-case-scenario and just shrugs when he can’t deliver. You can’t take him seriously any more.
No I think this is a manufacturing problem. Making a 25 unit Hypercar is possible, but a 250000 unit normal car, isn’t. They need help from someone that actually builds cars
Well they invest a lot of money in different projects but 600 milions is a lot… Model 3 is late like model x and s so nothing new
Gotta spend money to make money
Yay!! All these cities going electric only may be jumping the gun. Technology just isn’t there yet
Get it “lags” since the car is laggy with tech.. Ah ha.. ill go now..
Lol told you big expensive electric cars are fine but cheap electric cars just don’t work because it’s simply not cheap enough
“I promise to deliver the future” he says
Model 3 production keeps delaying…
And i just cant avoid laughing like this
https://youtu.be/wqgGE1w1LiU
Horuga,theSheppy
Shall musk release the Tesla model F? (fur Failure)
Topics
Manufacturers
Sponsored Posts