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Abstract:Tesla said on Wednesday that its factories could make up to 550,000 Model 3s and Model Ys this year, compared to 90,000 Model S and Model X vehicles.
Sales of Tesla's two lowest-priced vehicles could dominate its two higher-priced vehicles this year.Tesla said on Wednesday that its factories could make up to 550,000 Model 3s and Model Ys this year, compared to 90,000 Model S and Model X vehicles.The Model 3 starts at $33,990 and the Model Y starts at $52,990, while the Model S and Model X start at $79,990 and $84,990, respectively.The Model 3 accounted for 82% of Tesla's sales in 2019, up from 59% in 2018.Visit Business Insider's homepage for more stories.
Tesla's production capacity for its Model 3 sedan and upcoming Model Y SUV could result in the vehicles dominating the electric-car maker's sales mix this year.The company said on Wednesday that it has the capacity at its Fremont, California, factory to make up to 400,000 Model 3 and Model Y vehicles, combined, this year, compared to 90,000 Model S sedans and Model X SUVs. Tesla says it also has the capacity to make up to 150,000 Model 3s this year at its new factory in Shanghai.The Model 3 starts at $33,990 and the Model Y starts at $52,990, well below the Model S and Model X, which start at $79,990 and $84,990, respectively.Based on its production capacity, the Model 3 and Model Y could account for a significant majority of Tesla's 2020 sales. After setting a sales record of 367,500 vehicles last year, the company said it expects sales to “comfortably exceed” 500,000 this year. The Model 3 accounted for 82% of Tesla's sales in 2019, up from 59% in 2018.Preparations for Model Y production are ahead of schedule, Tesla said, with the first deliveries set to begin by the end of March.
While a further shift toward less expensive vehicles will likely dent the profit Tesla makes on each one, higher volumes and a more efficient production process could offset that effect, leading to higher overall profits. While Tesla has not yet made a profit over a 12-month period in its 17-year history, its 2019 results represented an improvement over 2018. During 2019, Tesla lost $4.92 per share on revenue of $24.6 billion, compared to a loss of $5.72 per share and revenue of $21.5 billion in 2018.And Tesla's 2019 fourth-quarter earnings beat analysts' estimates. While analysts expected an adjusted profit of $1.74 per share and $7.1 billion in revenue, Tesla made $2.14 per share on revenue of $7.4 billion. Are you a current or former Tesla employee? Do you have an opinion about what it's like to work there? Contact this reporter at mmatousek@businessinsider.com. You can also reach out on Signal at 646-768-4712 or email this reporter's encrypted address at mmatousek@protonmail.com.
Read more:Tesla stock pops 7% after it had another profitable quarter and said it's ahead of schedule with Model Y productionTesla's electric-car business is now so good that it might be able to forget about self-driving cars. That could be a significant bonus for the company.Elon Musk's road to a $55 billion payday is as complicated and full of detours as a video game — and he just unlocked the first levelTesla CEO Elon Musk was spotted cruising in the futuristic Cybertruck again
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The global market reacts to various developments, including Tesla's profit miss, China's interest rate cut, Bernard Arnault's net worth decline, and typhoon Gaemi's impact. The Mt. Gox compensation, Lineage Inc.'s IPO, and Netanyahu's speech in the US Congress also influence market dynamics. European banks' mixed performance, Canada's rate cut, and Russia's sanction issues add to the market fluctuations, along with South Korea's GDP contraction and stable oil prices.
Tesla faces ongoing struggles with profit misses, impacting its stock and investor confidence. Meanwhile, Alphabet Inc.'s strong Q2 earnings highlight robust demand in cloud services and advertising. Political developments in the US, with Vice President Kamala Harris rallying support, and India's budget aimed at job creation reflect significant economic shifts. Natural disasters and corporate news, such as Boeing's resumed 737 Max deliveries and Citi's upgrade of Coinbase, also influence market
Tesla CEO Elon Musk offloaded a combined $6.9 billion worth of shares in the electric car company this week, taking advantage of a meteoric rally that vaulted the firm's value to over $1 trillion.
Tesla CEO Elon Musk offloaded a combined $6.9 billion worth of shares in the electric car company this week, taking advantage of a meteoric rally that vaulted the firm's value to over $1 trillion.