Skip to main content

Tesla to begin deliveries of Model Y by end of first quarter

Tesla said Wednesday that production of the Model Y started this month with the first deliveries of the all-electric compact crossover to begin by the end of the first quarter as the company pushes to extend its profitability streak.

Production of the Model Y is at limited volume for now, CEO Elon Musk said during a call after earnings were released. Musk added that Tesla’s engineers have been able to increase the maximum EPA range of the all-wheel drive version of the Model Y to 315 miles. It was previously estimated at 280 miles.

Tesla reported Wednesday net income of $105 million, or 56 cents a diluted share, compared with $140 million, or 78 cents a share, in the same year-ago period. Tesla reported revenue of $7.38 billion, 17% higher than the third quarter, but just 1% higher than the $7.2 billion generated in the fourth quarter of 2018.

Tesla indicated in its fourth quarter report that it will turn to China and Model Y for revenue growth as deliveries of its higher profit margin Model X and Model S decrease. Tesla delivered 19,475 Model S and Model X in the fourth quarter, a 29% decline from the same period last year. Meanwhile, deliveries of Tesla’s cheaper Model 3 vehicle continued to climb. Tesla delivered 92,620 Model 3 vehicles in the fourth quarter, a 46% increase from the same period in 2018.

The Model Y is being produced at Tesla’s Fremont, Calif. factory, settling a long-running discussion within the company over where to build the upcoming vehicle. Tesla had also looked at producing the vehicle at its massive factory in Sparks, Nev., where it currently builds battery packs and electric motors.

Tesla said it will ramp up production of the Model Y gradually as it adds machinery through mid-2020. Once these expansions are done, installed combined Model 3 and Model Y capacity should reach 500,000 units
per year, the company said.

Tesla intends to eventually produce the Model Y in China, as well. The company’s Shanghai factory has capacity to produce 150,000 Model 3 vehicles. Tesla has broken ground on the next phase of its Shanghai factory, which will produce the Model Y.

“Given the popularity of the SUV vehicle segment, we are planning for Model Y capacity to be at least equivalent to Model 3 capacity,” the company said.



from TechCrunch https://ift.tt/2Ub4uYj
Labels:

Comments

Post a Comment

Popular posts from this blog

Bill Gates steps down from Microsoft’s board to focus on philanthropy

In an announcement on Friday, Microsoft revealed that company co-founder Bill Gates has decided to step down from his role on its Board of Directors in order to focus on his philanthropic efforts at the Bill & Melinda Gates Foundation. This is Gate’s biggest change to his role at Microsoft since stepping down as company chairman in February 2014. According … Continue reading from SlashGear https://ift.tt/2We90Gu
Post a Comment
Read more

Epic is probing an annoying Fortnite bug that causes stuck players

Epic Games has acknowledged reports of a frustrating Fortnite bug that is causing some players to become stuck in place, unable to move their character from the spot where it freezes. This same general issue is also causing issues in which players can move but are unable to access their backpack inventory, leaving them without most of their gear. Epic … Continue reading from SlashGear https://ift.tt/2Qqesmx
Post a Comment
Read more

Uber claims top spot in Indian ride-hailing market

Uber facilitated 14 million rides a week in India last year, the American ride-hailing firm said as it claimed the tentpole position in the key overseas market. In a report  (PDF) published on the sidelines of its quarterly earnings Thursday afternoon , Uber said that it commanded over 50% of the ride-hailing market in India — among some other regions — and was the category leader. The publicly listed company cited its internal estimations for the claim, it said. In comparison, Uber handled 11 million rides a week in India in 2018, a spokesperson told TechCrunch. The revelation is especially interesting, since both Uber and its chief local rival Ola have tended to avoid talks about the number of rides they serve in India. In a 2018 blog post , Ola revealed that its platform “moves over two million people every day.” A spokesperson for the Indian startup, which like Uber counts SoftBank as an investor, declined to reveal the new figures, but issued a statement in which it ...
Post a Comment
Read more