Tesla said in its third-quarter earnings letter that it will produce 5,000 Model 3 sedans per week by the end of the first quarter in 2018. The EV automaker adds that it now expects to achieve a production rate of 5K Model 3 vehicles per week by late in the first quarter of 2018.
Tesla initially planned to achieve that target in December.
Tesla's shares have had a rollercoaster of a ride, now trading down 1.60% at $326.24, ahead of the company's earnings report on Wednesday.
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Because Facebook charges based on the number of views, the ad cost less than six rubles (10 cents). Facebook had earlier turned over more than 3,000 advertisements linked to that group.
Since then, Tesla has dealt with highly publicized Model 3 production "bottlenecks" and delivered a paltry number of vehicles well below its targets, issued a recall, and fired hundreds of employees (which spawned a lawsuit). The share price has moved backward from its 20 days moving average, trading at a distance of -4.04% and stays -5.51% away from its 50 days moving average.
Big Picture: Tesla stock is falling as production of the Model 3 has been slow. However, investors didn't like what they saw and sent TSLA shares down almost 4% to $308 in after-hours trading Wednesday.
The firm also delayed its production target for its new Model 3 auto. Equities research analysts anticipate that Tesla will post ($6.70) EPS for the current year.
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Tesla could face major new requirements for cash given Model 3 problems, a possible factory in China, and plans to develop other vehicles, including an electric heavy duty truck.
"Model 3 reservation holders may not be thrilled about the fact that they have to wait longer than they thought for their vehicle, but it likely won't cause them to cancel their orders en masse", Caldwell said. The business had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.50 billion. Finally, Vetr upgraded shares of Tesla from a strong sell rating to a sell rating and set a $320.97 price objective for the company in a research note on Friday, October 13th.
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.
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