Tesla Hit a Production Target. Now Can Elon Musk Turn a Profit?

Tesla Hit a Production Target. Now Can Elon Musk Turn a Profit?

Tesla Hit a Production Target. Now Can Elon Musk Turn a Profit?

The agency initially sought to bar him from serving as an officer or director, a pursuit that would have overshadowed the progress the company has made in manufacturing more vehicles.

The electric vehicle maker said it was speeding up construction of its Shanghai factory as it seeks to combat a huge competitive disadvantage against other producers and even other imported cars, which it said are carrying a lower 15 per cent tariff.

Tesla Inc (TSLA.O) announced record quarterly auto production numbers on Tuesday but warned of major problems with selling cars in China due to new tariffs that would force it to accelerate investment in its factory in Shanghai. He is staying on as CEO, but gives up his chairmanship.

Tesla's third-quarter production report was positive in some ways, but the details were a little hazy. He settled fraud charges brought by the Securities and Exchange Commission last week by agreeing to pay US$20 million and step down as chairman. "If we go all out tomorrow, we will achieve an epic victory beyond all expectations". Investors saw the initial settlement agreement as a decent and quick solution to the charges, sending shares soaring almost 17% in Monday's trading session. Tesla has racked up deep losses, announcing in August a record $717.5 million net loss for the previous quarter. Tesla is expected to release its financial results early next month. Production including 53,239 Model 3s, fulfilling guidance of between 50,000 to 55,000 vehicles for the latest quarter.

Including the Model S and Model X, Tesla produced 80,142 vehicles and delivered 83,500.

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Offensively they have a lot of potential with players of the highest level , some costing more than 70 million who represent their countries.

But customers have been complaining that their Tesla delivery dates have been delayed over and over while vehicles sit unmoved in lots. Musk said in another tweet last month that Tesla has begun building its own trailers to deliver the cars. I've been told I was getting delivery the 8th, then the 15th, then the 20th, then the 22nd, and now my delivery has been delayed indefinite.

Where Tesla was in "production hell" a year ago, it is now in "delivery logistics hell", according to Musk.

It is increasingly hard to make sense of Tesla's math. "Should be solved shortly".

"This business of putting down a deposit and waiting forever to get the coolest auto on the planet, well it's no longer going to be the coolest vehicle on the planet, so you're going to have to start delivering them or people are going to stop buying them", he said.

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