Musk Changes Course With Tesla Model Y Now Sharing Model 3's Platform

Tesla Model 3

Although sales are rising, the per-car profit is not almost substantial enough to cover the company's high investment costs. Tesla's most anticipated Model 3 has greatly influenced the results and the waiting list for the cheaper alternative electric auto grows longer and longer. According to Musk, orders dropped from 518,000 to 455,000, but didn't seem overly put off by the the number of cancellations.

The carmaker already had announced that it delivered slightly more than 22,000 vehicles in the quarter.

In a post-earnings call with analysts, Musk said Tesla has received 1,800 orders per day since the launch event on July 28.

Tesla's shares jumped 6 percent in after-hours trading.

The newest-model Tesla has a starting price of $35,000, compared with the company's Model S, which starts at $68,000, and the Model X, which starts at $82,500. He said that the Tesla Model 3 is selling with virtually no marketing effort at all.

"The Model Y will bring substantial carryover from the Model 3, in order to get it to market faster", he said.

Electric vehicle maker Tesla Inc. calmed jittery investors Wednesday, assuring them it can meet aggressive production targets for its new lower-cost Model 3 sedan.

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STMicroelectronics marketed with a new class of highly energy efficient 1,200-volt silicon-carbide chips before anyone, which brokerage Liberum stated helped it win the initial deal to provide power chips for the Model 3.

"What we have ahead of us, of course, is an incredibly hard production ramp", Musk said.

"We believe a positive reception to the Model 3 from early customers could significantly increase the value of the Tesla brand and further accelerate demand", Baird Equity Research analyst Ben Kallo said. Non-employee pre-oder customers are slated to receive invites to configure their vehicle in small groups - the timeline varies based on where they stand in the pre-order list and priority will be given to existing Tesla owners.

However, in the letter to shareholders, the company said that it expects the Model S and Model X demand to pick up.

Tesla also manages to report a wonderful increase in its automotive revenue by a whopping 93% compared to the same quarter past year; the searing figures for the automotive revenue is greatly influenced by the 53$ growth in deliveries and, according to the company, "a smaller percentage of vehicles sold with residual value risk that was subject to lease accounting".

"The first Solar Roof installations have been completed recently at the homes of our employees, who we chose to be our first customers to help ideal all aspects of Solar Roof customer experience", a shareholders letter obtained by Electrek states.

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