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Tesla Follows Through with Elon Musk’s Model 3 Promise

27 Octobre 2018

The - of late controversial - CEO of Tesla Inc went on to say: "Model 3 became the best-selling vehicle in terms of revenue and the 5th best-selling auto in terms of volume".

The FBI did not immediately return a call seeking comment.

In this week's earnings call, Musk confirmed that "we've made significant progress on the Model Y", and he has approved the prototype. It didn't hit the 5,000-a-week target until June 2018. Musk acknowledged in April that Tesla had attempted to automate too many production tasks and said it would use more human workers in the assembly process. Gross margins on the Model 3 are above even the company's own lofty expectations and its position as the 5th most popular auto by volume in the United States suggests it's drawing in a wide range of customers despite its comparatively high price point. He confessed the toll of the "excruciating" year he has had leading Tesla, particularly when crunching to meet Model 3 production goals. By the end of his goal, he desires to cut delivery time to less than one week. That process proved hard, although the company succeeded in meeting it target.

Musk said his aim is to get the Model 3 price down to US$35,000, with a production cost of less than US$30,000. The capital expenditure necessary to make that a reality, Musk said, was rather small.

Larry Ellison, the founder, CTO, and executive chairman of Oracle, defended Tesla CEO Elon Musk during an analyst meeting on Thursday and said Tesla was his second-biggest investment, Bloomberg reported.

For the third quarter, Tesla reported revenue of Dollars 6.82 Billion, increasing 128.9% year over year and topping estimates of USD 6.33 Billion.

The usually freewheeling Musk was unusually restrained through most of the call with analysts, although he occasional broke into some braggadocio.

The automaker reported free cash flow of $881 million in the quarter - the first time since the third quarter of fiscal 2016 - and Musk stated the company will maintain that in the coming quarters.

He noted that the company's other business, SolarCity, was also profitable during the quarter. People doubted anyone would lend more cash to a company that already had around $10 billion in debt.

The New York Times states that Tesla has released a statement on the WSJ story claiming that it has only received a voluntary request for documents. However, the analyst community, all of which predicted another money-losing quarter by the EV maker, weren't almost as giddy as investors. Tesla also posted $52 million (£40.5 million) from the sales of regulatory tax credits and $23 (£17.9) million in other income. Murphy has "sell" rating Tesla.

Tesla Follows Through with Elon Musk’s Model 3 Promise