Tesla Posts Q1 2018 Results – Model 3 Production Hits 2,270 / Week
Tesla has just released its Q1 2018 earnings and financial reports.
Looking Back – Tesla Q4 Conference Call In Its Entirety – Video
- 29,980 vehicles in total
- 11,730 Model S
- 10,070 Model X
- 8,180 Model 3
The hot topic item is the Model 3. In regards to that, Tesla stated:
“We made significant progress on the Model 3 ramp in the second half of Q1, and the momentum continued into early Q2.”
Tesla Model 3 Info From Q1 Release
Prior to a planned shutdown in mid-April to further increase production, we produced more than 2,000 Model 3 vehicles for three straight weeks,and we hit 2,270 in the last of those weeks. Even at this stage of the ramp, Model 3 is already on the cusp of becoming the best-selling mid-sized premium sedan in the US, and our deliveries continue to increase.
Model 3 Reservations
Model 3 net reservations, including configured orders that had not yet been delivered, continued to exceed 450,000 at the end of Q1 even though fewer than 20 stores worldwide had Model 3 on display. We are planning to deploy significantly more Model 3 vehicles in our stores in Q2 this year.
Model 3 Production Target & Factory Downtime
We continue to target Model 3 production of approximately 5,000 per week in about two months, although our prior experience has demonstrated the difficulty of accurately forecasting specific production rates at specific points in time because of the exponential nature of the ramp. In order to achieve this production rate, we plan to take additional days of downtime during Q2, just like we did in Q1. We have already done this several times during the Model 3 ramp, including once in the third week of April to fix several small, known constraints, enabling higher levels of output. Just before taking this latest downtime, we produced 2,270 Model 3 and 2,024 Model S and Model X vehicles in the prior seven days, which was a new record for us. Furthermore, in the just over two weeks between the beginning of April and the planned downtime, we had produced 4,750 Model 3 vehicles, which was already about half the production of the entire prior quarter.
After achieving a production rate of 5,000 per week, we will begin offering new options such as all-wheel-drive and the base model with a standard-sized battery pack.
Our Scorecard details Tesla sales in the U.S. If those figures are of particular interest to you, then check them out here.
Moving on to financials, expectations leading up to the official announcement were that Tesla was expected to report an adjusted loss of $3.26 a share on revenue of $3.142 billion in the quarter.
Tesla’s actual reported results are:
- Revenue of ~$3.41 billion
- Loss of $4.19 per share (GAAP)
- Loss of $3.35 per share (non GAAP)
- Net loss of $784.6 million
The automaker reports $2.67 billion in cash at end of Q1, down from $3.37 billion at end of 2017.
Tesla Supercharger Info
Last quarter, we opened 77 new Supercharger locations for a total of 1,205 Supercharger stations and more than 9,300 stalls worldwide. Most of the growth is currently focused on North America to support the initial Model 3 rollout. Nevertheless, in Europe, we already operate about 400 Supercharger stations.
***Post is updated in realtime. Check back/refresh for additional information
Full release from Tesla posted below: