And by the time it is put into the pipeline, the whole process would be much easier given that the Model Y would be built upon the same third-gen platform as the Model 3, besides the fact that the Gigafactory would be up and running as well.
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In May, the company said that 373,000 reservations had been made for the vehicle, new vehicle orders rose 67% over the same quarter past year.
As it said in its previous quarterly filing in March, Tesla warned that the cost of building and operating its Gigafactory battery factory in Nevada could exceed the company’s current expectations.
Though shares of Tesla increased in after hour trading yesterday, its movement in the coming days will depend on how investors will react to its mixed second-quarter results. The company has stated that it expects to deliver 80,000 to 90,000 this year.
Tesla said it completed the design phase of the Model 3 in the second quarter and has already installed some production equipment for the vehicle. “Model X average prices were more than 15% higher than for Model S, despite declining sequentially as mix shifted away from Signature Series variants”. It now expects to make 500,000 vehicles by 2018, not 2020 as originally planned. In June, the government announced it would investigate Teslas semi-autonomous Autopilot system after a driver using the system died in a Florida crash.
When Tesla Motors CEO Elon laid out his plan for the SolarCity Corp (NASDAQ:SCTY) merger the stock dropped 10% that day when he laid out his master plan a week ago the stock also dropped in the stocks of both companies.
Of these, SEC was reported to be investigating by the Wall Street if electric auto maker had taken more time than they should have in disclosing the May crash in Florida where the driver using Tesla’s autopilot system had crashed his vehicle into a truck.
Teslas adjusted net loss of $150 million, or $1.06 per share, fell far short of analysts estimate of a 59-cent loss, according to FactSet.
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Tesla affirmed its capital expenditure goal for 2016 at US$2.25 billion to support the production plan for Model 3, whose launch is expected next year, as scheduled.
