Musk previously acknowledged the difficulty in beginning manufacturing of the Model 3, saying that the process is highly automated and that Tesla is intent on revolutionizing automotive production and not following standard industry practices.
And the problems will continue.
Electric-car maker Tesla (TSLA) swung to a $671 million loss in the third quarter as it struggled to ramp up production of its new Model 3 small auto. Because of delays at its battery facility in Nevada, Tesla said it now expects to be making 20,000 Model 3s per month by the end of the first quarter of 2018.
Tesla reported that cash and cash equivalents rose to $3.53 billion on September 30 from $3.04 billion at the end of the second quarter, but Tesla in August raised $1.8 billion by selling debt. North Star Investment Management Corp. raised its position in shares of Tesla by 2.8% in the 2nd quarter. On average, analysts anticipate that Tesla will post ($6.70) earnings per share for the current fiscal year.
Tesla initially planned to achieve that target in December. The company opened 18 stores and service stations worldwide during the quarter, and set up 126 new Supercharger stations to try to prepare for the increase in demand from Model 3 buyers.
The niche carmaker has made inroads among luxury auto buyers with the advanced technology and innovative design in its Model S sedan and Model X SUV. However Tesla plans to produce about 10 percent fewer cars of both models in the fourth quarter as more resources shift toward Model 3.
The acknowledgment came as Tesla reported third-quarter revenue of $2.98 billion, up 29.9% from a year earlier.
By the time trading ended on Wall Street on Wednesday, TSLA shares were down 3.15% to $321.08. Dimensional Fund Advisors LP now owns 98,790 shares of the electric vehicle producer's stock worth $27,492,000 after acquiring an additional 1,894 shares during the last quarter. Energy generation and storage accounted for 11 percent of Tesla's third quarter revenue.
Shares of Tesla have fallen almost 17 percent from a 12-month high of $385 in September, but are still up 50 percent from January fueled by belief in the long-term prospects of the company.
The nation is on Tuesday observing Rashtriya Ekta Diwas (National Unity Day) on birth anniversary of Sardar Vallabhbhai Patel. The "Run for Unity" is a commendable initiative to showcase country's unity and integrity, said Hockey player Sardar Singh.
Now it's a waiting game as the league deadline for trades is not until 4:00 p.m. today and the Dolphins may not be done just yet. He finished the 2016 season with eight touchdowns and 1,272 yards, which was the fourth-most in the NFL .
Putin was in Tehran to take part in the second three-way summit with Rouhani and Azeri President Ilham Aliyev. The host nation believes this will show that USA approval is not needed for regional cooperation.
I'm not saying there aren't things players can do to improve, but it's more maintenance and maintaining that high level of play. Dan Shaughnessy: Well, it's a news-making trade but [the Patriots] are trading a ghost, a potential, a someone that never was.
Therefore, the proper way to stack a cheeseburger is as follows (from top to bottom): bun, lettuce, tomato, cheese, patty, bun. GOOGLE'S CEO IS TACKLING what may turn out to be one of the biggest business problems he will ever face in his life.
Nehra played a stellar role for India eight years later in the 2011 World Cup semi-final, picking up 2/33 against Pakistan. The Mumbaikar was bating on 16 then, and if his eventual score was any indication, the visitors paid a huge price.
His rookie season was his most productive as he posted just over 1,000 yards receiving on 73 receptions with nine touchdowns. The Bills' wide receiver corps has struggled to make an impact this year after trading Sammy Watkins during training camp.
SoftBank and Deutsche Telekom don't trade on Wall Street, but SoftBank stock was down three percent on foreign markets. The two firms had held talks in 2014 on a merger but ended discussions in the face of opposition from U.S. regulators.
Bieber rocked an oversized red sweatshirt and matching shoes, while Gomez looked super cozy in an all-gray ensemble. Abel and Selena have reportedly spoken several times and remain friendly despite their separation.
Broncos name Brock Osweiler starting QB vs. Eagles
He was cut by Cleveland during training camp and signed to be Denver's backup ahead of its season opener in September. Osweiler's work during that stretch helped the Broncos earn the No. 1 seed for their postseason run to Super Bowl 50.