Tesla to Increase Model S Production to 400/Week in December
November 6, 2012 10:30 AM
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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
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
named the Model S its
Automobile of the Year
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.
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RE: wait a minute...
11/14/2012 12:30:40 PM
You forgot "Solar Company Satcon Technology Files for Bankruptcy"
In the end...there are way more losers than winners in regards to the total amount of federal dollars "invested" in green energy companies by the current Administration.
While no presidential candidate is perfect, you cannot deny the knowledge and experience Romney brought to the table. He is correct in that the government should not be an investor in these companies. If these companies have sound business plans, then you would see millions of private investor dollars going to them. You just can't trust your money to be spent by someone who is really not going to suffer the consequences of a bad investment.
Obama's win was not a grand slam. Electoral college does not reflect this nations TRUE feelings as much as the actual votes cast by US. I believe the final breakdown was Obama 50% and Romney 49%. It was a close race and now it's in the past. What everyone has to deal with now are dealing with all the hidden taxes of the healthcare bill as well as the upcoming EPA regulations you didn't hear/know about.
Obama voters got what they wanted....now we will ALL see/feel the results. If you are not a business owner, then you have no clue about the reality of running a business. A business does not exist to serve it's workers. If it fails to maintain expected profits, then it will be restructured or closed and the workers are SOL. You are already starting to hear about how businesses will deal with the new regulations. You may not like it, but your an idiot if you thought it wouldn't happen. If I ran/owned a company and was responsible to my investors, I'd move the company to Canada for the 15% corporate tax rate as opposed to staying in the US and pay the 35+% rate. Only an idiot would not consider this at least once. Its very easy for those who don't do...to offer an uninformed opinion...its another if you've built something from the ground up.
You put your trust in a lawyer, and not a very good one. Michelle Obama would be a better president and did a very good job of campaigning for her husband. How many of you have your wives come to an annual job review with you and help save your job? I think Obama is a nice guy and a great family man. I just don't think He is a very good national leader. He can move/rally a crowd, but He doesn't want to do the real job He was elected to do. He golfs more than any other president in the same time-period and has been on more TV shows than any other. Obama loves to hit the talk show circuit, but does not like doing the job He was elected to do. Obama made his money selling books. He's built nothing. He's selling the idea that focusing on education will get america working...well just snap your finders and everyone in america now has a PHD. Problem is that there are still no jobs for them to do. Economic growth is what creates job opportunities. You can lie to yourself all day long. It does not change the realities of the real business world. Faculty on campuses have lots of theories, but how many of them are successful in their fields in the corporate world. Take everything with a grain of salt and make up you own mind. Don't be a fool with blinders on.
That's the reality of our current president, and everyone is now going to have to deal with it for four years.
btw. 2013 FICA/medicare tax rates are in and are going up...so everyone is going to pay more in taxes...not just someone else.
See below for a taste of reality.
Social Security Wage Base Increases to $113,700 in 2013
The Social Security Administration announced the 2013 Social Security wage base will be $113,700, an increase of $3,600 from the 2012 wage base. As in prior years, there is no limit to the wages subject to the Medicare tax; therefore, all covered wages are still subject to the 1.45 percent tax. Wages paid in excess of $200,000 in 2013 will be subject to an extra 0.9 percent Medicare tax that will only be withheld from employees' wages. Employers won't pay the extra tax.
The FICA tax rate, which is the combined Social Security tax rate of 6.2 percent and the Medicare tax rate of 1.45 percent, will be 7.65 percent for 2013 up to the Social Security wage base. The maximum Social Security tax employees and employers will each pay in 2013 is $7,049.40. This will be an increase of $2,425.20 for employees and $223.20 for employers. Note that the 2012 FICA tax rate is 4.2 percent for employees and 6.2 percent for employers under the Middle Class Tax Relief and Job Creation Act of 2012, and that the rate is scheduled to be 6.2 percent for both employees and employers in 2013
"It seems as though my state-funded math degree has failed me. Let the lashings commence." -- DailyTech Editor-in-Chief Kristopher Kubicki
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