August 21, 2017

Tesla says Model S, Model X deliveries power quarterly revenue surge

03 August 2017, 08:15 | Dan Bryan

Tesla Model 3: Drive impressions roundup

Tesla delivers first lower-cost Model 3 cars

Tesla has started building Model 3 battery packs and drive units at its Gigafactory.

Revenue rose to $2.79bn from $1.27bn, which beat Thomson Reuters' estimate of $2.51bn, and investors were pleased the carmaker still had $3bn cash on hand at the end of the second quarter. Inside EVs estimates that in July Tesla sold 30 Model 3 sedans. There will be two versions of the Model 3 - a "Standard" version beginning at $35,000 with 220 miles of range, a zero-60 time of 5.6 seconds, and 130 mph top speed.

The firm delivered more than 47,000 of its earlier high-end Model S and Model X cars in the first half of 2017, growth of more than 50% from the prior year. It is instead selling the products in Tesla stores.

Reservations for the recently rolled out Model 3 sedan, which starts at $35,000, have grown to more than 500,000, up from the 373,000 the company reported in the spring of 2016, and more than the total sales of any entry level luxury vehicle. It also doesn't mention order numbers for non-Tesla employees, making it hard to assess demand.

"It has turned out to be a pleasant surprise", he added. Gulf International Bank UK Ltd now owns 39,718 shares of the electric vehicle producer's stock valued at $11,053,000 after buying an additional 560 shares during the last quarter. During the second quarter, Tesla Energy generation and storage revenue grew 34% sequentially due to a seasonal increase in solar lease revenue.

The automakers's latest earnings report wasn't all positive news.

The luxury electric vehicle company, which has ambitions of being more mainstream, will report second quarter fiscal 2017 earnings results after Wednesday's closing bell. Tesla's usual practice has been to conduct a conference call and Q&A with the company's management team and investors after releasing quarterly reports. J P Morgan Chase & Co lifted their target price on Tesla from $185.00 to $190.00 and gave the company an "underweight" rating in a research note on Monday, May 8th.

Mr. Musk has said Tesla is earning good margins on the small number of Model S and Model X vehicles it has sold. Masters Capital Management Llc sold 321,200 shares as the company's stock rose 14.18% with the market.

HomePod display specs and RAM details found in pre-release firmware
Developers Steven Troughton-Smith and Guilherme Rambo spotted the iPhone references and shared images of them on Twitter . Moreover, he also hints that the high-end model will incorporate a bezel-less screen with a camera notch at the top.

Total shares held by institutions as of the most recent company filings are 109,545,791 with a reported 9,773,139 bought and 3,790,872 sold.

It's a steep increase in production.

Keen Security Lab, part of Chinese firm Tencent which recently acquired a stake in the U.S. electric auto manufacturer, said it had bypassed Tesla new "code signing" security mechanism, which was announced after a hack previous year.

News of Kelty's exit comes at a critical juncture for Tesla, which turned over the first batch of Model 3 vehicles to employees Friday night.

"People should really not have any concerns that we will reach that outcome from a production rate", he said. It also reduced T Mobile Us Inc (Call) (NYSE:TMUS) stake by 320,001 shares and now owns 500,000 shares.

"The Model Y will in fact be using substantial carryover from Model 3 in order to bring it to market faster", he said. In July, orders were reportedly 15 percent higher than normal for Q2.

With so much fanfare surrounding Tesla's long-awaited Model 3 launch, news of the company's solar roof has fallen by the wayside. Offering evidence that he isn't the only one excited about the company, he cited an unlikely metric: news articles following the Model 3 launch. The company is also building a mobile fix fleet, since 80 percent of repairs do not require the vehicle to be put on a lift, he said.

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