Meet Tesla’s new CFO, young enough to be a youth league member

Elon Musk Tesla

But with vehicle production continuing at 100 million a year "it is impossible for Tesla to build electric cars fast enough to address the carbon crisis", Musk said. Ahuja's departure follows other executive turnover at the hard-charging Musk's electric auto company.

"Earlier this month we started construction of Gigafactory Shanghai, and by the end of this year we expect to be producing Model 3s using a complete vehicle production - that's body paint, body assembly, general assembly and module production". Tesla on Wednesday reported net profit of $139 million for the three months ended in December, its second consecutive quarter in the black.

"I expect the demand for the Model Y will be maybe 50% higher than the Model 3", Musk said, adding that he saw annual demand for the existing Model 3 at around 700,000 to 800,000 units a year, and maybe as low as 500,000 if a recession emerges. Still, Tesla earnings were hit on some fronts, but sales are looking good with Tesla having sold over 140,000 Model 3 throughout 2018 with more to come.

"It's very important to get those cars, especially to China, as soon as possible". "Turning a profit, creatively addressing challenges and getting the Model 3 to the masses were huge milestones, but keeping up this momentum is virtually impossible", she said. Tesla last disclosed in May that net Model 3 reservations - accounting for new orders and cancellations - exceeded 450,000. Musk said that should allow the company to reach production targets of 10,000 Model 3s per week by the end of the year - and perhaps critically - circumvent some of the uncertainty caused by trade conditions. This is because Model Y will share about 3/4 of the components from the Model 3. Musk gave a "rough guess" that Tesla would begin building its originally promised $35,000 version around the middle of this year.

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"Model 3's production rate progressively improved" last quarter, "with December 2018 being our highest volume month ever", Tesla executives said in a letter.

Tesla said it ended the quarter with $4.3 billion in cash and said it could pay a $920 million convertible bond maturing in March. Revenues generated in Q4 amounted to $7.23 billion against average estimates of $7.08 billion.

'Tesla has a fantastic brand, and by all accounts a fantastic product, but we're anxious it's also fantastically expensive. Deliveries in 2018 amounted to 63,359 vehicles in North America, according to the company. The end of a United States subsidy for electric cars has seen Tesla knock $2,000 of United States prices to prop up demand, while the company's also announced a 7 per cent cut in staff numbers as it looks to keep costs under control.

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