Friday, 19 April, 2019

  • Economy
  • Tesla Model Y is on the way -- in 2020

Tesla Model Y is on the way -- in 2020

"Keeping Summer safe is a pretty bloody reference for Elon Musk to make. Adult Swim
Conrad Doyle | 31 January, 2019, 18:55

CEO Elon Musk said past year that he expects "positive net income and cash flow" in the fourth quarter.

During Wednesday's fourth-quarter earnings call, Musk shared more about the newest electric vehicle to complement the Model S, X, and 3 cars.

Musk predicted that 2019 would be "an fantastic year for Tesla", and that the days of Tesla reporting losses are in the rear-view mirror.

Wall Street is expecting profits to fall compared to last quarter.

The company announced this month it would cut seven percent of its workforce in a push to lower the price of its Model 3 to keep it affordable, especially as United States subsidies for electric cars are phased out.

In the fourth quarter, customer deposits decreased by $113 million from the prior quarter to $793 million.

Elon Musk, the electric-car maker's CEO, warned investors and employees two weeks ago that pressure to achieve a profit and make the Model 3 more affordable led to more than 3,000 job cuts at the company.

FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018.

Bullish Tesla analyst Colin Rusch of Oppenheimer told clients Monday that "Model 3 demand, production, and margin" will be the primary drivers of the stock this year.

Tesla reported its cash position improved by about $1.5 million during the quarter even as it repaid $230 million in convertible notes. "The demand for Model 3 is insanely high".

"The real surprise in fourth quarter" was the free cash flow, which tracked a much stronger US$910 million vs JPMorgan's US$349 million and consensus US$412 million. Total fourth-quarter production grew 8% from the third quarter to 86,555 vehicles.

"Tesla serves the objective of a "stalking horse" to the fast growing domestic Chinese EV industry, but we believe it has limited to zero terminal value in a region where a number of domestic champions should emerge", Morgan Stanley analysts said.

Tesla Inc's chief financial officer will leave the company as the automaker on Wednesday promised cheaper Model 3 sedans, the launch of Chinese production this year and profits in every quarter in 2019. Tesla's staff had increased by 30% in 2018, which Musk said was more than the company could support as it seeks to reduce costs.

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