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$35000 Tesla Model 3 All Set To Debut On March 31
Posted On Feb 19 2016
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Tesla, which is investing heavily in new vehicles and battery technology to drive the market for electric cars, reported a fourth quarter loss of $320 million (roughly Rs. 2,183 crores) on revenue of $1.2 billion (roughly Rs. 8,189 crores). The company also expects to deliver around 80,000 to 90,000 Model S and Model X cars in 2016.
Tesla’s fourth quarter revenue rose 27% to $1.21 billion from $956.6 million a year earlier as deliveries of its new vehicles jumped 76% in the quarter.
On the one hand, the quarterly figures were disappointing, and less than analysts had hoped, with an adjusted loss of 87 cents per share on US$1.75bln in sales.
The slower-than-planned launch of Model X of the company sport utility vehicle during the last quarter added $67 million in unplanned costs, Tesla said. Tesla delivered 17,272 Model S Cars, which was up 79% year over year and above expectations, and 206 Model X SUVs, which was right in-line. What this ultimately means is that we can expect a huge volume of orders for the Tesla Model 3 and a waiting list that will go deep into next year and the following.
Launched in 2003, Tesla has never posted a profit despite its single stock success and a positive and innovative image among celebrities and the general public.
Tesla did acknowledge in its investor letter that it will have to pick up the pace mid-year to make that goal. Some analysts have questioned whether the Model 3, expected to start at $35,000, would slip into 2018, further behind GM’s similarly priced Chevrolet Bolt electric vehicle. Chief Executive Officer Elon Musk said that it is good news is that Model 3 is on its schedule.
Electric auto maker Tesla Motors Inc. It will travel more than 200 miles on a single battery charge and would be available for as low as $30,000 after tax credits. It is unclear exactly what details will be revealed next month, with Tesla CEO Elon Musk himself telling analysts he hadn’t yet made up his mind on how much of the vehicle to show off.
