Panasonic Head Claims Model 3 Battery Pack Issues Will Be Resolved Soon

Panasonic Head Claims Model 3 Battery Pack Issues Will Be Resolved Soon

While the growth is impressive, it's the company's next phase of growth that investors are most focused on.

The vehicle maker has tipped that working out all the bugs in the way it builds the Model 3 will cost it about another $US1 billion over the last three months of this year. That means there's now a total of a quarter million Teslas on the road. Tesla's stock has risen 68% during the past year, and 998% in the past five years, making for a more than spectacular return for the bulls and leaving Tesla's bears, well, in the dust.

As expected, adjusted loss per share widened significantly.

Meanwhile, Munster is confident that Musk will deliver on his promises, with production of 5,000 Model 3 cars per week reached in the first quarter of 2018.

And its guidance suggested it could burn through another $1 billion in the current quarter as it tries to fix its production woes.

An employee fits a rear axle to a Tesla Model S automobile on the driving unit assembly line at the Tesla Inc factory in Tilburg, the Netherlands. "However, we acknowledge that it is extremely hard to forecast with any reasonable degree of accuracy the true pace of progress of moving Model 3 from a position of severe bottleneck to free-flowing production".

Tesla has confirmed plans for its China plant are on track but it doesn't expect to make any serious investment towards it for at least another year and production won't begin for another three. "The Model 3 is a 10-year program, and so we're talking about a few months out of the 10-year program that's in the grand scheme of things".

Model 3. Image source: Tesla. "The Model 3 is a ten-year program".

Wired reports that Elon Musk said that the main production delay has to do with automating the battery manufacturing.

To date, our primary production constraint has been in the battery module assembly line at Gigafactory 1, where cells are packaged into modules.

Tesla claimed that production of the complete roofing system would ramp "considerably" in 2018.

When localized Tesla cars arrive in China by 2020, the company could face more competition with a host of firms revving up efforts to get a slice of China's new energy auto market.

But the setbacks lengthen the wait for hundreds of thousands of customers waiting for their Model 3 and extend the payoff period for the billions of dollars the company has spent to expand.

Goldman analysts, who already recommend selling Tesla shares, zeroed in on Musk's estimate that the company would not start spending heavily on future production in China before 2019, saying investors had expected the company to produce in the Chinese market within one to two years.

The company announced it is on track to deliver 100,000 Model S and Model X vehicles in 2017, up 30 percent from previous year. Reuters also mentioned that Tesla stock shed almost 5 percent in after-hours trading on Model 3 delays and bigger-than-expected quarterly loss. With this, the company guided its non-GAAP automotive gross margins to be ~15% in 4Q17.

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