Sunday December 8, 2019
Home Lead Story Tesla Logs Pr...

Tesla Logs Profitable Quarter, Musk Bullish on Energy

"Regarding Model Y, we're also ahead of schedule on Model Y preparations in Fremont, and we've moved the launch timeline from full 2020 to summer 2020. There may be some room for improvement there, but we're confident about summer 2020," he said

0
//
Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

Elon Musk-run Tesla has surprised Wall Street by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars.

In the third quarter, automotive revenues were $5.35 billion.

Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth.

“Compared to Q3 of 2018, the percentage of leased vehicles has tripled and alone has impacted revenue by the majority of the YoY decrease. Model 3 mix has increased while we have taken actions leading to the reduction of the ASP of our products,” Tesla said in a statement on Thursday.

“We are positioned to accelerate our growth further through Gigafactory Shanghai, Model Y and also through increasing build rates on our existing production lines,” the company added.

According to Musk, the company has started with trial production at Giga Shanghai Shanghai and built four vehicles from body, to paint to general assembly.

tesla
Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

“We’re planning to build model-wise in Shanghai as well of course, and build a Gigafactory in Europe and we hope to announce the location to that Gigafactory. In fact, we will announce the location to that Gigafactory before the end of this year,” Musk told analysts in an earnings call.

He said he expects Tesla Energy to be of the same or roughly the same size as the company’s automotive sector or business.

“This is the most underappreciated group. I think it could be bigger, but it’s certainly of a similar magnitude to Tesla Solar. Meaning, if you take Tesla Solar plus battery stuff, Tesla Energy is, I think, the least appreciated element,” Musk noted.

Also Read: Google Declares ‘Quantum Supremacy’ with Chip of the Future: Report

He said they are confident of producing excess of 1,000 units per week “no later than the middle of 2020”.

“Regarding Model Y, we’re also ahead of schedule on Model Y preparations in Fremont, and we’ve moved the launch timeline from full 2020 to summer 2020. There may be some room for improvement there, but we’re confident about summer 2020,” he said. (IANS)

Next Story

Elon Musk Wins in Defamation Trial Over his ‘Pedo Guy’ Tweet

"Anybody that knows this man knows beyond a shadow of a doubt that Elon's accusations were false," Wood said outside court. "This was not the justice that he deserved under the evidence

0
Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

Multi-billionaire tech mogul Elon Musk has emerged triumphant from a defamation trial as the federal court jury swiftly rejected the $190 million claim brought against him by a British man over “pedo guy” tweet, who helped with the rescue of 12 boys and their soccer coach from a flooding Thai cave.

Both Musk and Vernon Unsworth were present for the closing remarks.

Musk appeared unhappy during the closing remarks, while Unsworth, whose back was to the jury, at times looked to be wiping tears from his eyes as Spiro spoke, The Verge reported on Friday.

During the last hearing, Musk’s lawyer told the jury the tweet did not rise to the level of defamation and cases over insults didn’t belong in federal courtrooms.

While, leaving the courtroom, Musk told reporters: “My faith in humanity is restored, the jury did the right thing.”

Elon Musk, CEO of SpaceX and Tesla. Wikimedia Commons

“I accept the jury verdict, take it on the chin, and move on,” Unsworth said outside court.

As per report, in closing remarks, Unsworth’s attorney, L. Lin Wood, characterized one of Musk’s tweets as “sue or true”. Wood said he believed Musk got involved in the Thai cave rescue as a publicity stunt.

“I believe Elon Musk saw an opportunity to capitalize on the attention,” Wood said in his closing statement.

Also Read: Adobe Plans to Buy Oculus Medium: Report

Additionally, Wood asked for $5 million in actual damages, $35 million in assumed damages and $150 million in punitive damages.

“Anybody that knows this man knows beyond a shadow of a doubt that Elon’s accusations were false,” Wood said outside court. “This was not the justice that he deserved under the evidence.” (IANS)