An executive team shake-up was part of the news from Tesla’s Q4 2016 earnings report. Below are a few noteworthy items from the call.
Tesla announced the resignation of CFO Jason Wheeler and the hiring of Deepak Ahuja, who served as Tesla’s CFO from 2008 until 2015.
The Model 3 on track for initial production in July. Production is expected to steadily ramp to more than 5,000 vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018.
Mobile repair service is being expanded. The program allows Tesla to make vehicle repairs at an owner’s home or office.
Model 3 prototypes were built in early February as part of ongoing testing of the vehicle design and manufacturing processes.
Musk said Tesla has enough capital to reach the market with the Model 3, but its cash situation would be “close to the edge.” To reduce the company’s risk, it “probably makes sense to raise more capital.”
While Tesla vehicles in production have the hardware necessary for full self-driving, Musk acknowledged some challenges. “We could have released Tesla Vision and including ‘high speed,’ probably three months ago — I was driving at ‘high speed’ personally three months ago, but I think we want to just have an exhaustive testing process, vetting process before enabling that throughout the fleet,” Musk said. “So, we’ve been edging our way up there gradually. Now, longitudinal control, the Traffic-Aware Cruise Control is at 80 miles an hour. And Autosteer is at 50 miles an hour, and I think we should be able to get, unless testing shows something different, we should be able to get them both to around the maybe 85 miles an hour next month.”
Tesla hopes to offer insurance that reflects a safer driving experience. The company expects that in the future they will offer a single price for the car, maintenance, and insurance, “in a really compelling offering for the consumer.”
During the fourth quarter, the company said it received a record number of orders for its Model S sedan and Model X sport utility, and it expects to deliver 47,000 to 50,000 Model S and Model X vehicles in the first half of the year.
Strong sales helped boost fourth-quarter revenue to $2.28 billion from $1.21 billion a year ago, outpacing expectations of $2.19 billion.
Tesla announced the resignation of CFO Jason Wheeler and the hiring of Deepak Ahuja, who served as Tesla’s CFO from 2008 until 2015.
The Model 3 on track for initial production in July. Production is expected to steadily ramp to more than 5,000 vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018.
Mobile repair service is being expanded. The program allows Tesla to make vehicle repairs at an owner’s home or office.
Model 3 prototypes were built in early February as part of ongoing testing of the vehicle design and manufacturing processes.
Musk said Tesla has enough capital to reach the market with the Model 3, but its cash situation would be “close to the edge.” To reduce the company’s risk, it “probably makes sense to raise more capital.”
While Tesla vehicles in production have the hardware necessary for full self-driving, Musk acknowledged some challenges. “We could have released Tesla Vision and including ‘high speed,’ probably three months ago — I was driving at ‘high speed’ personally three months ago, but I think we want to just have an exhaustive testing process, vetting process before enabling that throughout the fleet,” Musk said. “So, we’ve been edging our way up there gradually. Now, longitudinal control, the Traffic-Aware Cruise Control is at 80 miles an hour. And Autosteer is at 50 miles an hour, and I think we should be able to get, unless testing shows something different, we should be able to get them both to around the maybe 85 miles an hour next month.”
Tesla hopes to offer insurance that reflects a safer driving experience. The company expects that in the future they will offer a single price for the car, maintenance, and insurance, “in a really compelling offering for the consumer.”
During the fourth quarter, the company said it received a record number of orders for its Model S sedan and Model X sport utility, and it expects to deliver 47,000 to 50,000 Model S and Model X vehicles in the first half of the year.
Strong sales helped boost fourth-quarter revenue to $2.28 billion from $1.21 billion a year ago, outpacing expectations of $2.19 billion.
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