http://insideevs.com/tesla-q1-2017-earn ... ion-start/
Tesla Q1 2017 Earnings: Model 3 On Track For July Production Start
. . .The market consensus was for an expected a loss of 82 cents a share heading into the report, on revenue of 2.55 billion.
In actual fact Tesla lost more than expected at $1.33 per share, but revenue came in higher at $2.7 billion.
Operating expenses were up $224 million sequentially.
Behind those numbers Tesla pointed out that the results reflected a full quarter of SolarCity’s operating expenses, and also $67 million of non-recurring charges related to acquiring SolarCity and Grohmann, as well as the wind-down of work for Daimler.
“Excluding these items, vehicle-related operating expenses increased only 8% sequentially despite significant Model 3 vehicle development progress and expansion of our customer support infrastructure.”
Tesla says its up to $4 billion in cash reserves (“the highest level of cash we have had at quarter-end in our history”), after raising $1.22 billion during Q1 between share and convertible note sales. . . .
Last month, Tesla estimated it sold just over 25,000 EVs during Q1, which was higher than expectations. Now, with this report we get to see the specific results of the January to March period, with Tesla confirming that 25,051 were sold.
Tesla left first half sales expectations unchanged:
“Based on our current order and production rates, our first half outlook remains unchanged at 47,000 to 50,000 deliveries, which represents 61% to 71% annual vehicle delivery growth. . . .”
The $1.33/share loss is non-GAAP. The GAAP loss is $2.00/share. Maybe another round of funding before the end
of the year or maybe hype reservations on Model Y for delivery in 2020?
Have to "love" these two statements from Elon:
Model 3 vehicle development is nearly complete as we approach the start of production. Release Candidate vehicles, built using production-intent tooling and processes, are being tested to assess fit and finish, to support vehicle software development and to ensure a smooth and predictable homologation process. Road testing is also underway to refine driving dynamics and ensure vehicle durability.
Model 3 activities related to vehicle development, manufacturing equipment installation and supplier readiness remain on plan to start production in July.
So we are now in the 1st week of May and Tesla is still in development & road testing but planning for
a production start-up in the beginning of July. Is that a little wishful thinking from Elon or typical hyperbole?
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