SpaceX could save NASA and the future of space exploration
- Author: Leroy Wright Feb 10, 2018,
Feb 10, 2018, 13:32
There are also concerns over Tesla not confirming the current Model 3 production rate - though the company reiterated its current targets of 2,500 units per week in Q1 and 5,000 units per week by the end of Q2. The proposal must still be approved by Tesla's shareholders, who are scheduled to vote in late March. But he also said the company had learned many invaluable lessons from the troubles, and made major strides in efficiencies along the production lines. It has struggled with problems increasing production of its first mass market vehicle, the Model 3.
The company expects revenue to be even higher in 2018 as it rolls out its highly anticipated Model 3.
As Ars Technica put it "unlike other doomed companies posting dire losses quarter after quarter, Tesla revenues have been sizable..."
"There are never any guarantees, but Elon Musk hasn't been shy about cutting back forecasts in recent months so he certainly would have pulled back on the reins if Tesla wasn't confident", Reeves told Forbes. Tesla also said reservations for the vehicle remain "stable" despite the delays, but it didn't give a total. But Musk said Wednesday he has no plans to step aside as CEO.
Additionally, Model S and Model X production during 4Q17 were limited to 22,137 vehicles due to a reallocation of some of the manufacturing resources to Model 3 production.
In an unusual way for automakers to raise cash, Tesla takes deposits from customers for products that have been unveiled but are not yet in production.
Tesla was burning through $8,000 a minute past year, according to Bloomberg calculations, and the slower ramp-up of the Model 3 means there's less cash coming in the door.
For contrast, General Motors, with a almost equivalent market cap, reported on Tuesday that it made $6.62 per share on an adjusted basis in 2017, with revenue of $146 billion. "The launch of Model 3 is what Tesla had been building towards from day one".