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Tesla losses widen despite quarterly revenues moving up a gear

03 Agosto 2017, 07:45 | Benedicto Grullon

Tesla Inc. - TSLA - Stock Price Today - Zacks

Tesla Model 3

Wall Street is celebrating Tesla Inc.'s better-than-expected quarterly results, but the company's spending needs still are a top worry, leading to fresh chatter among analysts that the electric-car maker is likely to tap capital markets again. In the last three months, insiders have sold 239,790 shares of company stock valued at $74,130,330. It delivered just over 22,000 Model S and Model X vehicles for the quarter. The company's operating expenses actually decreased compared to Q1 2017, despite spending nearly $48 million more on research and development. The company expects to reach a production rate of roughly 5,000 vehicles per week by the end of the year.

Those first installations have gone to employees who the company chose "to help ideal all aspects of Solar Roof customer experience". Sales of the Model S and Model X in the United States totaled 3,100 vehicles in July, according to the research firm Autodata, and overall sales for the first seven months of the year had increased by 35 percent over the same period in 2016.

At the handover party last Friday (American time), Musk said that the base Model 3 will have 354km of range while a "long range" version will bump the price to start at US$44,000 and be capable of nearly 500km of range.

Hackett, who took over as CEO in May, has told investors he is working on a 100-day review of Ford's operations but has so far provided few details of the process, except to indicate that it is looking at the automakers' luxury vehicle strategy, the future of its small vehicles and investments in emerging markets. The business had revenue of $2.70 billion during the quarter, compared to analyst estimates of $2.56 billion. He did highlight the importance of the SUV segment today, implying that bringing the Model Y to the market sooner might be good for sales. "Things got a little confusing because of the nomenclature-my fault for being too clever for my own good there". Tesla says the solar tile will be cheaper than traditional shingles - the roofing most used in the USA - with solar panels on top. Back in March, Tesla raised $1.2 billion to have a cushion for the rollout of the Model 3. But with Tesla set to gain even more, those losses will be even bigger than first estimated.

"We have a lot of work to do (as) we address issues of how to fix India", Shanks said.

The firm, which merged with solar company SolarCity a year ago, said it chose employees to be the first solar tile customers in order to ideal the installation experience.

"I have them on my house, JB has them on his house", Musk said, referring to Tesla's Chief Technology Officer J.B. Straubel. "But we are not thinking about an equity raise".

Aside from suggesting that the Tesla Model 3 may be overrated or "overhyped", The Week further posited that all the praise for the auto as something "new and shiny" in the market may make consumers "blind to its detriments". A bill to spend US$3 billion on electric vehicle subsidies is now in a state Senate committee.



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