Tesla's Model 3 Is Now America's Best-Selling Electric Car
It's official: Tesla's new Model 3 is now the best-selling electric car in the U.S. Tesla Inc. released its production numbers for the first quarter 2018 on Tuesday. The company delivered 8,180 Model 3s in the first three months of the year.
Me, "It's amazing what a difference a week makes. A week ago I was lamenting the Auto Driving feature of Tesla Cars. Then everybody started going negative on Tesla, saying, they need to raise more money, that they are putting out an inferior product, that they were going to go out of business. Yet, this week everybody is okay with Tesla. Analysts really need to chill and not go with the flow, when it seems an electric car company is struggling when it is not.
With Tesla's Model 3 out selling the EV competition, I ask you, how is it that Tesla is going out of business? There seems to be a pot of gold at the end of the affordable Model 3, Tesla, electric car market. And Tesla is stepping up."
From article, (It’s official: Tesla’s new Model 3 is now the best-selling electric car in the U.S.
Tesla Inc. released its production numbers for the first quarter 2018 on Tuesday. The company delivered 8,180 Model 3s in the first three months of the year. That compares with 6,468 deliveries for Toyota Motor Corp.’s Prius Prime plug-in hybrid and 4,375 for General Motors Co.’s Chevy Bolt.
Coming out on top is no small feat for a company that’s been manufacturing vehicles for barely a decade. However, huge hurdles remain as Palo Alto, California-based Tesla tries to turn the page on one of the most difficult chapters in its short history.
Earlier this year, Bloomberg launched an experimental model to track Model 3 production using vehicle identification numbers (VINs). Our final estimate came in just 5 percent less than Tesla’s reported numbers, arguably validating the methodology. That’s not great news for Tesla fans, because our model suggests the company may have exaggerated its production capabilities at the end of last year. In the coming weeks, Tesla will need to prove that it can sustain and build upon the peak weekly production rates it just announced.
Wall Street was pleased with the production numbers but hardly elated: “Good enough,” wrote Robert W. Baird & Co. analyst Ben Kallo. KeyBanc Capital Markets Inc.’s Brad Erickson said the numbers were “better than feared.” Consumer Edge Research LLC analyst James Albertine, who remains bullish even after Model 3 production missed his estimates, said, “Our hope is that subsequent ramps in production may be easier.”
Tesla’s second-quarter forecast eases cash concerns. Tesla said it “won’t require an equity or debt raise this year, apart from standard credit lines.” Investors were anticipating a need for as much as $3 billion in additional capital for the production ramp.
Investors are pleased. Shares rose in early trading as much as 6.9 percent.
Total Model 3 production for the quarter was 9,766, compared with a final estimate of 9,285 made by the Bloomberg production tracker.
Tesla maintained its targets. Model 3: 5,000 cars produced each week by the end of the second quarter. Model S and X: 100,000 deliveries in 2018. Tesla foresees a rapid increase in production this quarter.)
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