TSLA) Model S Hacked, Immediately Gets Patched — Tesla (NASDAQ

The scaling back was attributed to supply chain problems, though Mr Musk said he was confident the company could deliver 500,000 cars a year by 2020, noting that Tesla produced only 600 cars in 2010.

Deliveries in the quarter were up by 52% to 11,532 vehicles as the automaker remains bullish on selling the same amount of vehicles in the third quarter.

Security researchers Kevin Mahaffey and Marc Rogers, who hacked the electric vehicle over the course of a year, were able to pull the auto to an immediate stop by applying the emergency hand brake while it was idling at less than five miles per hour, according to The Los Angeles Times.

“We do think that it’s going to be quite a challenging production ramp on the X”, Tesla CEO Elon Musk told analysts on a conference call Wednesday. Yesterday the company changed their projection to a range of 50,000 to 55,000 cars deliveries in 2015, down from an initial target. “This represents a 15% sequential increase in production and a 46% increase from a year ago”, he wrote.

In terms of stock, Tesla lost $0.48 per share on an adjusted basis in the second quarter, less than expected.

Tesla stock fell this morning after the company reported lower-than-expected sales in the second quarter.

The Model X had previously been targeted to go on sale in 2013, then by the end of 2014. Chief Financial Officer Deepak Ahuja said the company may not be cash-flow positive until early 2016.

Tesla is also preparing for the worst, because they say even if a single supplier were to have issues with sending parts, this could reduce production by around 800 units for the quarter.

States like California see energy storage as a critical tool to better manage the electric grid, integrate a growing amount of solar and wind and reduce greenhouse gas emissions.

Achieving Tesla’s revised guidance will still require substantial growth in vehicle sales. Look at it this way: In one day every Model S owner is protected against these hacks, whereas it’ll take much longer for the majority of Chrysler owners to get their patch (and there’s a good chance it’ll never reach them all).