Tesla Has Reported Its Biggest-Ever Losses As Model 3 Production Still Lags
Tesla has released its worst financial results ever. Investment in increased production of both the Model S and Model X was apparently behind quarterly losses that shot up to $619 million (£468 million), and whichever way you slice that, it doesn’t look good.
It almost doubles the second-quarter losses posted by the tech pioneer. Versus the same three months last year it represents a negative swing of about $641 million. Ouch.
Meanwhile, Elon Musk has blamed ‘welding issues’ for delays in the Model 3’s production. The entry-level car is made mainly from steel, not the aluminium that the company is used to working with for the Model S and Model X. It makes that hypnotic production video look a bit redundant.
With the target of 20,000 Model 3s built by December now totally impossible because of production bottlenecks, wait times for a Model 3, as confirmed by Musk himself, are now expected to be around 12 months. There are around 400,000 people on the waiting list for a car. It’s enough to make people look elsewhere, and rivals could potentially exploit the delay. Time will tell.
Comments
Well, ain’t that a SHOCKER.
i’m sorry
Oh dear
I’ll ask you to pull over, sir.
gimme a 🔫
How is that possible? According to Musk fanboys he’s a genius and can’t be wrong.
[insert a comment about how advanced tesla cars are by simply stating 0-60 times and having no knowledge at all about cars]
According to some people Musk is a scientist 😂😂😂
You doubted Tesla? How dare you
To be fair, you have to have a very high IQ to understand Tesla and Elon Musk. The technology is extremely subtle, and without a solid grasp of theoretical physics most of the ideas will go over a typical person’s head. There’s also Elon’s optimistic outlook, which is deftly woven into his characterisation- his personal philosophy draws heavily from Narodnaya Volya literature, for instance. The fans understand this stuff; they have the intellectual capacity to truly appreciate the depths of these ideas, to realise that they’re not just brilliant- they say something deep about LIFE. As a consequence people who dislike Tesla and Elon Musk truly ARE idiots- of course they wouldn’t appreciate, for instance, the genius in Elon’s existential outlook on SpaceX and Mars, which itself is a cryptic reference to Turgenevs Russian epic Fathers and Sons. I’m smirking right now just imagining one of those addlepated simpletons scratching their heads in confusion as Elon Musk’s genius wit unfolds itself on my driveway. What fools.. how I pity them. 😂
And yes, by the way, i DO have an Elon Musk tattoo. And no, you cannot see it. It’s for the ladies’ eyes only- and even then they have to demonstrate that they’re within 5 IQ points of my own (preferably lower) beforehand. Nothin personnel kid 😎
Hell, those who bought or booked a Model S or Model X are lucky because they they got their ride fast.
Tesla=FAIL
Soon a bunch of Musk’s fanboys will downvote your comment, because you called company created by their idol a fail.
Well it is the car of the future, as in the future that will come in 5 years because the people that put in the deposit will be waiting 5 years to get their car.
Just make it ludicrous
If this keeps up Tesla might go through the same fate of AMC way back when.
Except AMC was killed off, not a fail.
This makes me feel warm inside
Yet Jaguars sales and profits are only increasing ….”why?” you may ask… Because they use the correct form of “supercharger”
comment of the week.
Their quality and reliability have gotten so much better now. That’s why Jaguar sales have increased. And the superchargers are absolutely genuine asw. 👍
That might be why SRT and Hellcat engines are so popular
The truth hurts
Amen to that
Another opportunity to buy their shares
Not exactly now. The shares have absolutely plummeted in comparison to the start of the week so I’d at least wait till it picks up again
My question is why the hell do people pre-order cars before they actually know anything about it? Hell I don’t pre-order £60 games without knowing alot about it
The same reason why people sleep near Apple store waiting for the new iPhone to go on sale. Because people think it’s fancy and makes them look modern and cool.