Tesla delays Model 3 volume production amid biggest-ever quarterly loss

The Polestar 1´s upper body is made of carbon fibre for stiffness torsional rigidity and weight savings     Volvo

For the first quarter of fiscal 2018, the company plans on producing 5,000 Model 3 vehicles per week. By the time trading ended on Wall Street on Wednesday, TSLA shares were down 3.15% to $321.08.

The company will also be reducing production of its luxury vehicles, the Model S and Model X, to reallocate those resources to the Model 3. "Though results will likely miss expectations, we remain positive on Tesla's shares, believing that deliveries, margins, and cash flow will bottom in Q3 and inflect higher over the next several periods", analyst Romit Shah wrote in a note to clients Tuesday.

The factory will produce Model S and Model X, but is meant to build primarily Model 3 and the forthcoming Model Y affordable crossover SUV, Musk said, since "it's really the only way to make the vehicles affordable for China". The share price has moved backward from its 20 days moving average, trading at a distance of -4.04% and stays -5.51% away from its 50 days moving average.

Tesla said its primary production constraint has been at the battery module assembly line at its Gigafactory in Sparks, Nevada.

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Shares of Tesla have fallen almost 17 percent from a 12-month high of $385 in September, but are still up 50 percent from January fueled by belief in the long-term prospects of the company.

Tesla reported that cash and cash equivalents rose to $3.53 billion on September 30 from $3.04 billion at the end of the second quarter, but Tesla in August raised $1.8 billion by selling debt. Equities research analysts anticipate that Tesla will post ($6.70) EPS for the current year. It also spent $325 million to repay a credit facility in the quarter.

CEO and co-founder Elon Musk has loudly and repeatedly promised total production of 500,000 vehicles in 2018, with 400,000 of them Model 3s. "Many Model 3 customers put deposits down on the vehicle more than a year ago before they even saw the vehicle, so it's clear Tesla buyers don't follow the usual logic-driven auto buying process".

Tesla's shares have had a rollercoaster of a ride, now trading down 1.60% at $326.24, ahead of the company's earnings report on Wednesday. Following the completion of the sale, the vice president now owns 1,736 shares of the company's stock, valued at $589,354.64. Revenue was $2.98 billion for the three-month period, up from roughly $2.30 billion a year ago.

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