Economy

Tesla promises game-changing 2018 for Model 3 and more

Tesla promises game-changing 2018 for Model 3 and more

SpaceX's webcast showed Musk's Tesla roadster soaring into space, as David Bowie's "Space Oddity" played in the background - with the words "DON'T PANIC" visible on the dashboard, in an apparent nod to the sci-fi series the "Hitchhiker's Guide to the Galaxy".

Net loss widened to $675.4 million, or $4.01 per share, for the fourth quarter ended December 31 from $121.3 million, or 78 cents per share, a year earlier. Multiple customers that have had deposits placed on the Model 3 cars since 2016 are reporting that they received an email stating that the auto will be delivered in "late 2018", while others are being informed that they'll have to wait until "early 2019", to receive the vehicle they paid for years previously.

Rather than eating into Model S and Model X sales, Tesla claims, Model 3's arrival has instead spurred demand for its more expensive cars. Because the California-base automaker has invested so much money in building factories, expanding production capabilities, and developing new vehicles, it usually posts a loss each quarter, but Q4's loss was the largest in company history. Tesla made just 2,425 Model 3s in the fourth quarter and has pushed back production targets multiple times.

But it was also a year of manufacturing setbacks that Musk said, last quarter, had put the Model 3 "deep in production hell".

Musk said the Model 3 production hell resulted from the company being a little bit overconfident, and a little too complacent about the company's ability to make batteries.

"This year, we are starting a new chapter of our journey".

More news: Will African American History Celebrations Improve Diversity Efforts? - And Response (2)

Tesla customers who waited in line in March 2016 to place deposits for the first Model 3s will have to be patient even longer after delivery dates for many reservation holders have slipped again. Having been steady, Model 3 reservations have also seen an uptick, though Tesla does not give a specific number for how many people are waiting for the auto.

CEO PAY: This will be Musk's first earnings call since last month's announcement of a proposed all-or-nothing pay package for him.

"Both SpaceX and NASA have missions to Mars as their goals, but only one can actually get there at a sustainable cost", Garver wrote. Musk has said the plan with the Falcon Heavy is to recover "at least two of the three cores" on each flight, though recovering all three would be ideal.

The company may have to raise more capital in the near future-such a move wouldn't be foreign to Tesla, which has gone to markets several times since its 2010 IPO.

Now, however, Tesla says that it has turned a corner.


  • By Sunday, Chicago to potentially see over 20 inches of snow

    By Sunday, Chicago to potentially see over 20 inches of snow

    A storm in February 2015, logging in at 16.2 inches, was the last time Chicago had more than 10 inches of snow in a single storm. When all's said and done, forecast models project Buffalo could see 5 to 7 inches of total snowfall by the end of the weekend.
    Stock under Discussion: Fireeye Inc (FEYE)

    Stock under Discussion: Fireeye Inc (FEYE)

    The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link . During the past three months the stock gain -2.35%, however six months performance of the stock remained at -0.63%.
    High US oil output hits crude prices

    High US oil output hits crude prices

    That Russia and Saudi Arabia have agreed to freeze oil output gives the US a chance to catch up in the near future. The current all-time US annual output peak was in 1970 at 9.6 million bpd, according to federal energy data.
  • Star witness in Cuomo aide corruption trial arrested

    Star witness in Cuomo aide corruption trial arrested

    A spokesman for the prosecutors said no new charges had been filed against Howe, and otherwise declined to comment. Howe signed a cooperation agreement in 2016 pledging to refrain from committing any further crimes, Newsday noted.
    Mattis: Immigrant service members won't face deportation

    Mattis: Immigrant service members won't face deportation

    Bush in 2009, enabled non-citizens to enlist in the military and obtain a green card for their services to the country. Trump has said any immigration deal must include billions of dollars to build a wall on the border with Mexico.
    Kim Jong Un's Sister Arrives in South Korea

    Kim Jong Un's Sister Arrives in South Korea

    Zhiqun Zhu, a Bucknell University professor, said to not be fooled by appearances during the games in PyeongChang, South Korea . The most notable athlete to be kept out is South Korea-born speed skater Viktor Ahn, who holds six gold medals.
  • Olympic figure skating judges are biased

    Olympic figure skating judges are biased

    Those hard landings were softened by a spotty overall performance from the men, and Chan was able to finish third of 10 skaters. That means Hanyu will not compete in the figure skating team event, which is set to begin on Friday, Feb. 9 .
    US spending-hike budget is a 'monstrosity'

    US spending-hike budget is a 'monstrosity'

    Chuck Schumer , the leader of the Senate Democrats, said the deal should break the cycle of partisan fights over spending. But the pledge that rings hollow to many Democrats who believe the White House's immigration demands are too draconian.
    Rejoice Nintendo Switch Users! You Can Use Gold Points To Buy Games

    Rejoice Nintendo Switch Users! You Can Use Gold Points To Buy Games

    The low number of Gold Points for physical releases is likely to prevent gamers from hoarding used games to avail the Gold Points. This is the latest iteration of a rewards program from the Japanese-based video game hardware & software creator.
  • Rachel Brand, Justice Department's No

    Rachel Brand, Justice Department's No

    And questions over whether Trump would fire Rosenstein intensified last week when a memo, spearheaded by GOP Rep. Rachel Brand is sworn-in during her confirmation hearing before the Senate Judiciary Committee in March 2017.
    Apple HomePod sounds nice however not so good: critics

    Apple HomePod sounds nice however not so good: critics

    The HomePod was set for a December 2017 release, but Apple delayed it to 2018, saying that it needed more time to flawless it. Comedian and vlogger Lamarr Wilson tweeted Siri's response to him asking when the HomePod would be available to buy.
    What's in it for Modi to visit Palestine?

    What's in it for Modi to visit Palestine?

    Like successive Indian governments, Modi is also delicately balancing ties with Israel as well as Palestine and the Arab world. He was referring to the UAE investments in low-priced housing.