Tesla Inc (TSLA) Slashes Production of Two Cars, Misses Q3 Estimates

Tesla Inc (TSLA) Slashes Production of Two Cars, Misses Q3 Estimates

Today, the company said it delivered 26,137 cars during the third quarter, but only 222 of those were Model 3s.

"While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it hard to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear", Tesla said in the letter.

Tesla, led by Silicon Valley entrepreneur Elon Musk, faces a crucial test in its growth strategy as it ramps up production of the Model 3, its new sedan that starts at $35,000, about half the price of its flagship Model S.

Number one Halep crashes out of WTA Finals
But, you know, when I am into the tournament, I try to don't think so much about my fitness state, you know. As she cranked up the victor count, she broke again, and served out her first ever win in Singapore , 7-5.

"We continue to make progress resolving early bottlenecks related to these issues, and there remain no fundamental problems with our supply chain or any of our production processes", Tesla said in a letter issued to shareholders on Wednesday afternoon. It had planned to build more than 1,500. The problems could also worry the over 500,000 customers who have put down a refundable deposit on the vehicle.

Despite the production woes, Tesla has still had a phenomenal year in terms of stock performance.

Tesla's negative free cash flow expanded to -$1.4 billion, more than analysts' forecast for -$1.2 billion.

The Kinect has died, per Microsoft. RIP 2010
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All in all, Tesla will reduce the production of these cars by 10% in the fourth quarter in order to reallocate these resources into improving its Model 3. Pittenger & Anderson Inc. raised its position in Tesla by 20.0% during the 2nd quarter.

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 vehicle. Revenue rose 2% to $16.10 billion, beating the FactSet consensus of $15.52 billion, as 9% growth in premiums, fees and other revenue offset a 7% drop in net investment income. That, industry experts say, is among the reasons Tesla is nowhere close to its aggressive goal of building 500,000 vehicles annually by next year, a lot of them Model 3s. Following the completion of the sale, the vice president now owns 1,736 shares of the company's stock, valued at $589,354.64.

The company produced just 260 Model 3 cars in September, which was waaaaaaaaaay short of the 1,500 vehicles it had hoped to produce. The company says it's on track to deliver 100,000 Model S and Model X vehicles in 2017, up 30 percent from 2016.

House Republicans announce new Russian Federation investigation - into an Obama-era uranium deal
Democrats have said Republican focus on the uranium deal is an attempt to distract from the Russian Federation probes. But when asked whether he would brief the White House in the future, he said, "If appropriate, yeah".

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