So far investors have given it the thumbs down with the electric vehicle maker's shares down more than 2 percent midday Monday. Tesla TSLA, -2.18% late Friday delivered the first few Model 3s at an event in its Fremont, Calif., factory. Along with the first vehicles, Elon Musk presented all the details concerning the Tesla Model 3 at their headquarters. "As production accelerates toward next year, we expect the business to contribute profit". Perhaps it has something to do with the updated preorder number CEO Elon Musk provided to members of the media at Friday's event, as analysts at one firm report something rather suspicious about it. "It was never our goal just to make expensive cars". After all, you can't sell a mass-market vehicle if you can't mass produce it.
Such figures will definitely push the Model 3 ahead of the competition, even the all-new Chevrolet Bolt. UBS Asset Management Americas Inc. now owns 290,524 shares of the electric vehicle producer's stock valued at $62,082,000 after buying an additional 25,012 shares during the period. Tesla's challenge isn't finding customers - but rather if it can serve them fast enough. Tesla has already sold more than 126,000 vehicles since 2008, according to estimates by WardsAuto, so not everyone who buys a Model 3 will be eligible. And despite all of the hype surrounding the event and the auto, there is still a lot we don't know about the Model 3.
Taking a first look at the production Model 3, the exterior has remained unchanged from the Model 3 prototype first unveiled. By comparison, the Chevy Bolt that starts at $36,620 tops out at 238-miles of range while the premium Model 3 will have a 310-mile per charge driving range. The cars don't have many configuration options; now, customers can change wheel size, the car's color and autopilot (self-driving) features.
Warranty coverage is four years/80,000-km bumper-to-bumper, while the battery is warranted for eight years and 160,000 km (or 200,000 km with the long-range battery). The Model S battery options range from 75 kilowatt-hours to 100 kilowatt-hours. The use of term "keys" is because Model 3 owners will enter and start their cars with smartphones or NFC cards.
"Everything we do at Tesla has to be lovely", chief designer Franz von Holzhausen said, adding "And the beauty is only great if it's functional". "And the beauty is only great if it's functional".
Tesla did not reveal the exact capacity of the Model 3 battery packs, and it's too soon for a buyer to disassemble one and count the cells. "Every Tesla being produced right now has all of the hardware necessary for full autonomy". The key to the vehicle lies in the Tesla app on the user's mobile device.
Both Tesla's GAAP and non-GAAP automotive gross margin increased significantly on a year-over-year basis in Tesla's most recent quarter. Or it could be surpassed, and remembered instead as the catalyst for a new market that competitors ultimately won.
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