Science

Tesla's Model Y will be based on Model 3 after all

Tesla's Model Y will be based on Model 3 after all”

"With no advertising, paid endorsements or guerilla [sic] marketing campaigns, Model 3 net reservations have still steadily climbed every month, and have even accelerated further in recent weeks", the company said in its earnings release Wednesday.

Despite the decline in the total pre-order figure, it is estimated there are still around 1,800 new orders for the Model 3 placed each day. "We certainly aspire to learn from the mistakes of the past, and I think we largely have".

With roughly $3 billion in cash now on the balance sheet, Tesla should spend itself down to $1 billion by the end of 2017.

Before the latest updates, the Model S 75 and 75D sprinted to 60 miles per hour in 5.5 and 5.2 seconds-this is also a separation factor from the Model 3, which accelerates to 60 miles per hour in 5.6 seconds, according to the automaker. The company opened 29 new stores and service centers and is planning to double the number of fast-charging Supercharger outlets this year to 10,000 worldwide. Nearly $1bn was spent in the quarter to bring the Model 3 into mass production. Tesla reported losing $401.4 million in the quarter that ended June 30, compared with a loss of $293.2 million in the same quarter of previous year.

The announcement follows yesterday's news from IKEA that it will start selling home batteries alongside its solar panel systems in the United Kingdom, the latest sign the solar-plus-storage model is heading for the mainstream.

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With regards to energy systems, for Q2 2017 Tesla deployed 176 MW of solar power and 97MWh of energy storage, although that number includes a 52MWh installation in Hawaii that was actually completed in Q1 but which only recently passed inspection. It was just much simpler and cheaper to use the Model 3's foundation as it is. Musk said the company has 455,000 net reservations for the vehicle, which starts at $35,000. Deliveries were down slightly from the first quarter, but Tesla blamed a shortfall in batteries for the slower pace. For one, he said he overreached on the technology included in the first generation of its SUV, the Model X.

Tesla said it expects to begin deliveries to non-employees in the fourth quarter.

Some analysts have expressed doubt that Tesla can meet its goals. The company has never made more than 100,000 cars in a year, and its last two models faced significant delays and production problems.

"Things got a little confusing because of the nomenclature of being Model 3 versus Model S and X, which was, I guess, sort of my fault, being too clever for my own good there", Musk says.

"There are walls moving all around that can all impede the success of the Model 3", said Karl Brauer, the senior director of content and executive publisher for Cox Automotive. Now, on a 2 August conference call with analysts, Musk said he was talked down by his team and hopes to get the new auto to market more quickly. Finally, Cowen and Company set a $155.00 price target on shares of Tesla and gave the company a "sell" rating in a report on Thursday, April 6th.



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