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Tesla also reported its financial earnings of a wider quarterly loss, but higher-than-expected revenue

How is Tesla Motors dealing with its latest (and wider) financial loss in the third quarter? By ramping up Model S production to 400 units per week.

Tesla CEO Elon Musk announced that the company would increase production of its Model S EV to 400 units per week, or just over 20,000 per year. This is great news for Tesla, considering it recently faced production issues with the vehicle.

Around 13,000 customers have paid a $5,000 minimum fee for a Model S reservation, but only 250 have shipped. This is largely due to issues with increased production. However, Musk announced last month that Model S production had ramped up.

"Our production rate in the last week of September was roughly 100 vehicles, four times greater than our production in the first week of September as we overcame supply constraints," said Musk in October. "I am pleased to report that we completed production of 359 vehicles last quarter (delivering over 250 of those to customers) and have already made our 500th vehicle body.
 

 
"While we are indeed a few weeks later than we would like, this is not perhaps a terrible outcome for a product as advanced as the Model S, particularly given that Tesla is doing manufacturing of full vehicles for the first time with a new team and suppliers."

In December, Tesla will take production to a whole new level. 

"Tesla is really past the point of high risk," said Musk on a recent conference call with analysts. "Several months ago, I said that the coming several months would really be the test for Tesla and the classic phrase of going through the valley of death. I feel as though we are through that valley at this point."

The Model S has been a bright star for Tesla, but unfortunately, that didn't stop it from reporting a wider loss for its Q3 2012 earnings. Tesla said its quarterly loss grew by 70 percent to $110.8 million USD. However, revenue increased 88 percent in the past year to $50 million. This was a nice surprise for analysts, who predicted $48.3 million.

Tesla expects to finish the 2012 fiscal year with $400-$440 million USD in revenue for the entire year.  

The Model S received a nice boost last week when Automobile Magazine named the Model S its Automobile of the YearAuto Mag compared the Model S to Apple because of its luxurious and innovative design, and even said Musk was similar to former Apple CEO Steve Jobs. 

The Model S' features include a 40 kWh, 60 kWh, and 85 kWh battery pack options; a three phase, four pole AC induction motor with copper rotor (puts out 416 HP and hits 60 MPH in 4.3 seconds); 443 lb-ft of torque; drive inverter with variable frequency drive and regenerative braking; single speed fixed gear; aluminum body with boron steel elements; 10 kWh on-board charger; 17-inch capacitive touchscreen for media, vehicle controls, communication and keyless entry and door handles that extend to your reach.

The Model S' superior range and luxurious features come at a high price. The 40 kWh base model starts at $57,400 while the 85 kWh version starts at $105,400. However, the Model S is eligible for the $7,500 federal tax credit in the U.S.

Source: Inside Line



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By BZDTemp on 11/6/2012 2:20:39 PM , Rating: 2
There is to much Steve Jobs/Apple way of thinking coming from this company. The lawsuits, the boosting of silly stats for the car like it's low Cw* and all the fine print everywhere.

*Of course it has a low Cw. Much of air resistance in traditional cars comes from having to feed and cool the engine, so it is easy to beat that with an all electric. And as for beating other electric cars that comes from the S being a big car as that makes being aerodynamic much easier.




By Jedi2155 on 11/6/2012 7:32:42 PM , Rating: 2
You mean Cd (Coefficient of Drag). I have no idea where you got the w from....

There is a lot more to Cd than just having to cool the engine mind you.


By AnnoyedGrunt on 11/7/2012 2:56:26 AM , Rating: 2
Being big doesn't help, but being long does. Also, total drag is the Cd * Frontal Area, so being big hurts in terms of drag force as well. Clearly having a very low Cd will be critical for electric vehicles to have a reasoble HWY range without going completely nuts with battery capacity (maybe 85 kWhr is already there). I think it is a legitimate bragging right, although one could argue that it damn well better be that low in order to make the range reasonable at all.

Also, I belive the only lawsuit was with Fisker, and I don't think it was necessarily unwarranted. My understanding was that Tesla initially contracted with Fisker to build the chassis; eventually that deal fell through, and then Fisker all of a sudden has the Karma which has a very similar wheelbase and overall size. I think Tesla felt as though Fisker stole their idea. Tesla lost that case anyway, but I don't think it was any type of patent trolling or anything. Seemed like a reasonable lawsuit and a reasonable outcome.

I've seen some cool youtube videos of Musk doing a tour of SpaceX and others of him on Letterman talking about the ModelS, and he seems like a passionate, intelligent person, who understands that in order to be successful you first need to build a great product. You don't start a car or rocket company on marketing skills alone. I'm rooting for Tesla, if for no other reason that to shake up the auto industry in a big and intersting way.


"It's okay. The scenarios aren't that clear. But it's good looking. [Steve Jobs] does good design, and [the iPad] is absolutely a good example of that." -- Bill Gates on the Apple iPad














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