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Tesla's Model Y SUV will begin production in 2020
01 February 2019, 11:22 | Hattie Nash
Investor's Corner Here’s what Tesla owner-investors will be asking Elon Musk today
Tesla says they made around 253,000 cars in 2018 and delivered about 245,000 of those.
The winding down of a US tax subsidy this year will make all Tesla cars more expensive and could hurt sales. That's compared with a $311.5 million net gain in the previous quarter and a $675 million loss during the same period a year ago.
The Y is apparently completed, designed out, and shares 75 percent of its build and design with the Model 3, so it should be easier to ramp up, Musk said.
Tesla has managed to stay profitable in Q4 2018 and thus reported its second consecutive quarterly profit.
Tesla shares (TSLA) fell 0.5 percent at 11:20 a.m.in NY, after paring earlier losses of as much as 4.8 percent and briefly turning positive. Deliveries in 2018 amounted to 63,359 vehicles in North America, according to the company.
In a world where ideas hold more value than implementation, Musk's announcement to make Tesla's patents public is a welcome move and should inspire other entrepreneurs as well.
The company estimates that the cost and complexity of the Model Y production line will be substantially lower than the Model 3 line. In 2018, according to Tesla's Shareholder Letter, "Model 3 then went on to become the best-selling passenger vehicle in the USA in terms of revenue in both Q3 and Q4". They plan to bring the Shanghai Gigafactory online by the end of 2019 to address global markets.
"Earlier this month we started construction of Gigafactory Shanghai, and by the end of this year we expect to be producing Model 3s using a complete vehicle production - that's body paint, body assembly, general assembly and module production".
Tesla's CFO position will now be taken over by Zach Kirkhord who has been the finance vice president.
Tesla blamed the hit on earnings on various factors including higher import duties incurred on parts sourced from China. "Lightning fast." Beyond service, Musk indicated that a new version of the company's Autopilot driver-assist function would be ready within a few weeks, pending regulatory approval, though it remained unclear which regulators Tesla sought approval for, as there is no regulatory approval needed to launch driver-assist features.
Musk twitted on Thursday a link to one of his older Tesla blog posts. Tesla shares fell 4.7 percent in after-hours trading to $293.80, as of 7:49 p.m.
Here's what analysts said after the earnings report and call. "Turning a profit, creatively addressing challenges and getting the Model 3 to the masses were huge milestones, but keeping up this momentum is virtually impossible", she said.
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