The Silicon Valley auto maker, which has consistently fallen short of promised production targets and is fighting bad publicity over a fatal crash of a vehicle using its Autopilot system, said 10 days ago it would have positive cash flow from the third quarter. In his tweet, Musk insisted the company will not need to raise more funds.
Musk's claim about profit and cash flow hinges on a rapid rise in production of the Model 3 sedan, Tesla's latest vehicle to have experienced production delays.
"If we can send a Roadster to the asteroid belt, we can probably solve Model 3 production". That has postponed revenue from reaching Tesla's bottom line from cars being delivered to customers. "Should they be anxious about what's happening with their Model 3 and when they will get their Model 3?"
"Yes, excessive automation at Tesla was a mistake". To be precise, my mistake. Only one of 19 analysts covering the stock sees positive adjusted earnings per share in the third quarter, with that number growing to four for the fourth quarter. "It's about the next 10, 20 years", he said. Speaking to faking news, he said, "Life can not be just about solving one sad problem after another from monday blues to no clues".
Federal investigators forced Tesla out of the probe of a deadly crash in California last month involving the electric carmaker's autopilot system.
Tesla, which lost $121 million in the same quarter past year, said revenue was up 36 per cent over the same period in 2016 because of the deliveries it made of the luxury electric Model S sedan and Model X crossover. According to the plaintiffs, while the trio told markets that the company was on track to 5,000 Model 3s per week before the end of 2017, they were separately being told by Tesla executives that this was an impossible goal.
Tesla has already come under direct criticism from the NTSB in the US.
"The system worked as described, which is that it's a hands-on system".
"Such releases of incomplete information often lead to speculation and incorrect assumptions about the probable cause of a crash, which does a disservice to the investigative process and the traveling public".
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