Tesla says Model 3 on track for volume production by Sept

At some $45 billion, Tesla is now worth more than far larger rival Nissan Motor, which sold 5.5 million vehicles last year. and just $6 billion shy of 114-year-old Ford Motor.

Tesla now receives orders only through its website, and the sources said it was where the company released the local price of the Model S for the first time.

Tesla is planning to finalize the locations for three more Gigafactories later this year, the company revealed in its shareholder letter for the fourth quarter of 2016.

A little back-of-the-envelope calculation suggests that Tesla should deliver something like 150,000 vehicles in 2017 - if it can make those numbers.

Musk reiterated that Tesla still planned to deliver 500,000 cars in 2018 and 1 million vehicles by 2020.

Tesla didn't immediately respond to requests for comment on its deliveries guidance.

Investors have driven the company's stock up to $277 per share at yesterday's market closing, an 11 percent rise in the past month.

In fact, its fourth-quarter loss of 69 cents per share excluding one-time items was bigger than the 42-cent loss that analysts were expecting.

Besides that, the company has reiterated that production of the Model 3 itself is going to begin in July before hitting full throttle in September. The company brought in a total of $2.28bn in revenue during the final quarter of 2016, compared with the $2.13bn originally expected. The GAAP EPS improved from a loss of $2.44 in the same quarter previous year to a loss of 78 cents per share.

Tesla who have delivered a positive performance in the past year reported a slightly mixed earnings report on Wednesday that missed some analysts estimates. Earlier CEO Musk had said that Tesla would produce 100,000 to 200,000 Model 3 cars in 2017.

Tesla booked almost 400,000 reservations for the Model 3, an all-electric sedan expected to start at $35,000, in the weeks following its unveiling.

Tesla Inc (TSLA) said tonight that it deployed 201 megawatts of solar energy generation during the fourth quarter and 98 megawatt hours of energy storage, so it sounds like SolarCity will be put in with the energy storage segment. The company noted that for the fourth quarter of 2016, about 2,750 vehicles were not counted as deliveries because customers had not yet physically received the vehicles.

  • Arturo Norris