Tesla faces Federal Bureau of Investigation probe over Model 3 numbers
03:34, Oct 28, 2018
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With the S&P 500 falling 3.1% and the Nasdaq tumbling nearly 4.5%, some may have assumed Tesla (TSLA) struggled as well.
In addition to the profit, Teslareported positive cash flow, making good on pledges made by Musk earlier this year, as the company ramps up production volume of the Model 3. About this on their pages, writes the news Agency AP, reports to our website.
Next to the Q3 numbers presented last night, in which it was shown that the popular Model 3 helped push Tesla to profitability thanks to record sales, there have been further updates to the Model Y and the ride-sharing plans, as well as Tesla's plans for Europe and China. Strong demand for pricier all-wheel-drive and high-performance versions of the Model 3, plus Tesla's plan to start selling the vehicle in Europe early next year, should support profit margins, he wrote in an email. One of the reasons it will have only one visual display is to make manufacturing easier and further reduce the amount of wiring used in the auto. It did not hit the 5,000-a-week target until June this year.
Tesla confounded critics on Wednesday by reporting in the third calendar quarter.
Musk and Tesla have recently settled with the U.S. Securities and Exchange Commission, which was probing Musk's August 7 tweets about taking Teslaprivate.
The Tesla representative said that the company did not hide the difficulty of growth of production Model 3. But even investors who've been among the most vocally bearish about the company have started to change their view as Musk lures away buyers of Camry and 3-Series sedans.
He continued: "The company's cash balance (less deposits) and working capital have been a concern for investors for the past several quarters".
In related news, insider Jerome M. Guillen sold 1,000 shares of the stock in a transaction on Monday, October 1st.
"I know for sure Tesla will operate its own ride-hailing service", Musk said. Free cash flow was about $881 million, a turnabout from the billions of dollars Tesla was burning on a quarterly basis while it was struggling to ramp up the Model 3.
Musk has previously said the Model Y could be produced as soon as March 2019 - albeit in a tongue in cheek tweet from May 2018, in which he threw out the date March 15 as a reference to the Ides of March (perhaps because the introduction of a Tesla SUV will amount to the assassination of other carmakers?).
Auto Data site Edmunds noted Tesla is by far the biggest electric vehicle maker in the US market, accounting for 76% of pure EV sales in the first three quarters of 2018.
The Model 3 production had also delivered an unexpectedly high margin - more than 20 per cent - which means that the cost of production is coming down, and that augurs well for the roll-out of the "cheap" $US35,000 version of the Model 3.
"Consumers are coming up for lease renewal or new auto decision and opting into a Tesla - it is not just pent up demand", Left wrote. During the same call, Musk stated the $35,000 Model 3 might be available in about six months.
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