Tesla Model 3 Release: When will the new cars actually ship?

Posted August 05, 2017

And countries like Norway now has so many Teslas and the government help people to adapt the new electric vehicle concept. Wednesday reported a loss for the second quarter that narrowed from a year ago, driven largely by a nearly-double increase in revenues.

Tesla Inc reported quarterly revenue that doubled on Wednesday and a loss that was the electric auto maker's largest ever, but its shares rose after revealing more than 1,800 daily reservations for the Model 3 and predicting increased Model S deliveries in the second half of 2017. The company's net loss attributable to shareholders widened to $336.4m in the second quarter from $293.2m the previous year.

Excluding items, adjusted loss for the quarter were $1.33 per share, compared to adjusted loss of $1.61 per share past year.

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In the three months that ended June, Wall Street expects the Palo Alto, California-based company to post a per-share loss of $1.80 on revenue of $2.55 billion. Revenue of $2.79 billion also beat expectations.

Hedge fund managers lost more than half a billion dollars Thursday due to their bet against Tesla, according to estimates from financial technology firm S3 Partners.

But most of the attention was focused on the Model 3, which was delivered to its first 30 customers - all Tesla employees - last week. Over 1,800 new Model 3 reservations are being placed each day on average, in fact.

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Since Elon Musk announced the Tesla Model 3 past year and everyone who is slightly involved was excited about these auto. The company is aiming for a production rate of 5,000 vehicles per week by the end of 2017, before doubling that in 2018.

Tesla CEO Elon Musk said today the forthcoming Model Y electric crossover vehicle will be built on a similar architecture to the recently released Model 3, in an effort to bring the auto to market sooner. "We're going to go through at least six months of production hell", CEO Elon Musk said at a press conference before the Model 3 handover event. Deliveries of Model S and Model X cars are expected to increase in the second half of 2017, versus the first half of the financial year. The shares rose $6.32, or 2 percent, in regular trading to close Wednesday at $325.89.

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