Tesla posts smaller fourth-quarter profit than previous quarter
31 January, 2019, 18:56 | Author: Billie Castillo
But its revenue came in line with forecast, it has more cash and can meet its upcoming bond payment, and Musk says profits, even if small, will continue through each quarter this year.
"I expect the demand for the Model Y will be maybe 50% higher than the Model 3", Musk said, adding that he saw annual demand for the existing Model 3 at around 700,000 to 800,000 units a year, and maybe as low as 500,000 if a recession emerges. For the full year, the company lost $976.1 million. In this, it'll be something more aligned with the Model X SUV's pricing.
The departure of Deepak Ahuja as well as missing Wall Street profit targets for the end of 2018, sent Tesla shares down almost 6 percent after hours.
It forecast strong growth, as Model 3 auto sales start in Europe and China.
"We believe fourth-quarter results and the 2019 outlook give something for bulls and bears to exercise their imaginations".
In a strong economy, that demand would be 700,000 to 800,000 units of the Model 3 and as production increases it will bring down the price.
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The carmaker delivered adjusted earnings of $1.93 per share for the fourth quarter, falling below consensus estimates of $2.14 per share, according to Bloomberg data.
The bull vs bear debate is poised to heat up following Tesla Inc.'s (TSLA.O) fourth-quarter results Wednesday post-market, and analysts are placing their bets on the naysayers.
"We are planning to continue to produce Model 3 vehicles at maximum production rates throughout 2019".
At the time, CNBC reported that Morton had clashed with Musk over the latter's plans to take Tesla private. Total fourth-quarter production grew 8% from the third quarter to 86,555 vehicles.
As for production, the electric automaker said it hopes to achieve a Model 3 production rate of 7,000 vehicles per week by the end of the year.
"Tesla serves the objective of a "stalking horse" to the fast growing domestic Chinese EV industry, but we believe it has limited to zero terminal value in a region where a number of domestic champions should emerge", Morgan Stanley analysts said.
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Nissan owns 34 percent of smaller Japanese rival Mitsubishi Motors Corp., which sold 1.2 million vehicles past year . The homes were no secret and if they had been a problem, he should have been consulted, Ghosn said.
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