Investors reacted vividly to Tesla's quarterly report, as the main surprise for them was the completion of the reporting period by the company without losses at the operating level. Tesla stock quotes rose 12%. Tesla's revenue remained at the level of the previous quarter - $ 5,3 billion, it decreased by 12% compared to the third quarter last year. The profitability of the automotive business declined from 25,8% to 22,8% for the year, but in a sequential comparison, it increased by almost four percentage points. On the one hand, Tesla is systematically increasing the share of the less profitable Model 3, on the other hand, the company has seriously reduced costs - by 15% compared to the second quarter of this year. Tesla management at the reporting event separately thanked the company's employees who took an active part in reducing operating costs.
It should be noted that Tesla's documented quarterly report has changed dramatically. It is no longer published in the form of a letter from Elon Musk to shareholders with a free flow of information in text form, but as a full-fledged presentation with an abundance of graphs, tables and colorful illustrations. Thesis highlights the main achievements of the company for the reporting period and plans for the near future.
Tesla Model S will soon buy mostly for status
Tesla continues to reduce the share of Model S and Model X electric vehicles, in the third quarter they were produced 16 units, 318% less than a year earlier. On the other hand, the company's management emphasized that after the successful concentration of resources on increasing the production of Model 39, one can think about further improving the consumer qualities of the brand's expensive models. According to Elon Musk, the same Model S sedan is becoming a status model that is bought by people of creative professions, and more pragmatic fans of the brand are increasingly choosing Model 3. In this sense, the Model Y crossover will be even more popular - it should surpass all Tesla electric cars in terms of sales other models combined. The company is now convinced that it will be able to introduce the Tesla Model Y in the summer of 3.
Tesla Model 3 production volumes in the third quarter were brought to 79 copies, which is one and a half times more than a year ago. Tesla still cannot overcome the bar of one hundred thousand produced electric vehicles per quarter, but it is sure that by the end of the year it will produce 837 thousand cars. In general, American Tesla enterprises are capable of producing up to 360 electric vehicles of one model (Model 350), plus, about 3 Model X and Model S annually. The Shanghai plant will initially produce up to 90 Model 150 electric vehicles, and the production of the Model Y crossover will also be launched here. By the end of the year, Tesla promises to decide on the construction site of the European plant. The pickup truck, the Tesla Semi truck tractor and the sports Roadster will be produced in the United States. Production of electric trucks will start next year.
Several copies have already been assembled at the Shanghai plant Tesla Model 3
Tesla considers the Chinese market to be very promising; the company was able to build its enterprise in Shanghai in ten months. Now, an initial batch of four electric vehicles has already been produced there, on which the main technological operations are being worked out. Mass production of the Tesla Model 3 in China will be rolled out over the coming months. The specific value of capital expenditures in terms of one electric vehicle in China turned out to be about 50% less than in the United States. However, when asked by investors about Tesla's ability to significantly save on the production of Model 3 in this country, the company's financial director said that the profitability of the production of these electric vehicles in China is still at the same level as in the United States.
Next to the building for the assembly line and related workshops in China, there is a building in which the production of traction batteries will be established. Tesla does not rule out that additional buildings will appear on this site in order to expand production volumes or the range of models.
The timing of the announcement of the electric crossover Tesla Model Y are approaching
Analyzing the cost structure for the release of the future Model Y crossover, Tesla management notes that this model will be close to the Model 3 at cost, but the company will be able to sell it at a higher price than the sedan. This ratio of prices for crossovers and sedans is typical for the automotive industry as a whole, and Elon Musk does not consider it necessary to violate it. On the pre-production prototype Tesla Model Y, the founder of the company has already driven, having received pleasant impressions, and this allows him to expect that buyers will meet the new model very well.
The company is not afraid that the appearance of the Model Y on the market will not take customers away from the Model 3, since electric vehicles have a different body type. Tesla management cites as an example the situation with the release of the Model X, which contributed to the growth in sales of the Model S sedan. However, it cannot be ruled out that in that situation the shortage of crossovers at the initial stage of the life cycle became the determining factor.
The first attempts to entrust everything to autopilot will be made at the end of this year.
Tesla is not backing away from plans to update its electric vehicle software, which by the end of this year will allow select customers to access fully automatic vehicle control. Elon Musk tried to be very careful in his wording, and explained that human intervention may be required in many cases, but automation will soon learn to control an electric vehicle when maneuvering at low speeds, driving in city traffic with traffic lights and intersections, as well as when driving on a highway at high speeds. speeds. Relatively speaking, Tesla owners by the end of the year will be able to try to get from home to work and back without interfering with the driving process in most situations. A year later, the software will be improved in such a way that it will be less stressful for the driver to monitor the actions of the automation.
Elon Musk also clarified that Tesla is not going to cut prices for the "autopilot" feature. On the contrary, the price of such a software option will gradually increase as the functionality of automation will be improved and improved. The transition from human-controlled automatic driving to fully automatic driving will be one of the biggest technological shifts in history, and it should have a positive impact on the value of Tesla's assets, according to company management.
Source: 3dnews.ru