Tesla still anticipates shipping 80,000 to 90,000 vehicles in 2016, despite the fact that it missed its Q1 shipping guidance, shipping 14,820 vehicles in Q1, over 1,000 vehicles short its 16,000-vehicle projection.
For the second quarter, it is forecasting production of 20,000 vehicles, but only 17,000 deliveries, versus consensus of 19,500. USA sales of Tesla's Model S luxury sedan jumped 51 percent a year ago, even as luxury competitors from Mercedes and Audi saw big sales declines. Musk originally said Tesla would achieve that capacity by 2020. The CEO also expressed interest in setting up assembly lines in Europe in China after maximizing production at its Fremont plant, to satisfy Tesla demand more efficiently in these regions.
Musk said significant new hires would be announced in the coming weeks, while the company rejected reports that the executive rejig was related to recent delays and a recall relating to its Model X.
Revenue rose to $1.15 billion (1 billion euros) from $939.9 million.
Our objective with Model 3 is to create the world's best auto with a base price of $35,000, before any incentives, with a range of at least 215 miles on a single charge, and with strong gross margins. This makes the targeted timeline of end of 2017 for the mass-market electric sedan, the Model 3, a hard task excluding the ramp.
A total of five vice presidents have left Tesla this year. "For others, expect a choppy ride with sentiment a large driving factor".
It also reaffirmed that production of the lower-cost Model 3 vehicle is to start next year.
The Model 3 is slated to go into production in late 2017. Garnering widespread consumer interest, the automaker secured more than 325,000 pre-orders for its new vehicle in the first week alone. Morgan Stanley analyst Adam Jonas says 500,000 vehicles is possible for Tesla - but not until 2025.
Schuster said he predicts Tesla will make around 200,000 vehicles in 2018, or less than half the forecast of 500,000.
During Tesla's first quarter earnings call on Wednesday, CEO Elon Musk emphasized that people should order their Model 3 now if they wanted to receive it in two years. "I will suggest it's going to take a lot of capital".
Source: Tesla Sets Ambitious Goal: 500000 Electric Cars Every Year Starting 2018
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