dollars. Is Tesla just a sham?
Dee-Ann Durbin, The Associated Press
DETROIT -- Tesla Inc.'s first attempt at high-volume production isn't goingas well as it hoped -- and the company has a record quarterly loss to show for it.
Tesla posted a $619 million loss in the third quarter as it spent heavilyto clear up production bottlenecks and bring its hotly anticipated Model 3 sedan to market.
The loss, of $3.70 per share, compared to a profit of 15 cents per sharein the July-September period a year ago. That was a far bigger decline than Wall Street had predicted. Analysts polled by FactSetforecast a loss of $2.85 per share.
Tesla's shares dropped about 5 per cent to $305.31 in after-hours tradingWednesday.
The $35,000 Model 3 -- which is half the cost of Tesla's previous models-- could move Tesla from a luxury niche automaker into the mainstream. It introduced the Model 3 in July with a massive party atits Fremont, California, factory.
Tesla CEO Elon Musk promised that the Model 3, which has more than 500,000potential buyers on its waiting list, would be simpler to make than Tesla's previous vehicles and not plagued with the same delays. Butthe company produced just 220 Model 3s in the third quarter, far fewer than the 1,500 Musk promised.
And the problems will continue. Tesla said it now expects to make 20,000Model 3s per month by the end of 2018's first quarter. Musk had initially set a target of December for that production. Musk said asupplier to the battery factory was partly to blame for the delays.
"Tesla is learning what traditional automakers have long known -- massvehicle assembly is complicated and expensive," said Michelle Krebs, a senior analyst at Autotrader.com.
Musk -- who held the company's earnings conference call from the company'sNevada battery factory -- insisted things were improving. He said Tesla will likely be making a few thousand Model 3s per week at theend of this year.
"I was really depressed about three or four weeks ago," he said."Now I can see a clear path to sunshine."
And while some customers may be frustrated by the delays, they're notnecessarily losing faith in Tesla.
"It is disappointing, but I would rather that Tesla make the carcorrectly and to an optimal finish than rush and turn out a disappointing product," said Lisa Gingerich, a Milwaukee-basedattorney who reserved a Model 3 within minutes of the order bank's opening in March 2016. "At the rate Tesla is producing, theModel 3 may be my Christmas present to myself next year!"
A defiant Musk also stressed that the 14-year-old company recentlydelivered its 250,000th vehicle, up from 2,500 just five years ago.
"For the skeptics out there, ask them, which one of them predicted thatTesla would go from 2,500 units delivered to 250,000 units now? I would suspect zero," Musk said.
Tesla had other significant expenses in the quarter. The company opened 18stores and service stations worldwide and set up 126 new Supercharger stations to try to prepare for the increase in demand from Model 3buyers.
Musk didn't confirm reports that the company has selected a site for a newfactory in China. He said the company expects to start production there in three years, and that vehicles made in China will primarilybe sold there and in neighbouring countries.
He did confirm that Tesla fired 700 workers -- or about 2 per cent ofits workforce -- earlier this month because of poor performance reviews. But he said the company's action was a typical one, not theresult of the Model 3 issues.
Obama’s Energy Department Raped U.S Manufacturing Companies And Destroyed An Auto Industry
By Kyle Winston- Detroit Inside News
Barack Obama was a vindictive narcissist who said “yes” to every under-handed scheme that David Plouffe, Rahm Emmanual, Robert Gibbs, David Axelrod and John Podesta dragged into the Oval Office.
One such scheme was designed to provide crony campaign finance payola in the form of “Cleantech Cash” and stock market pump-and-dumps for Obama’s Silicon Valley Oligarchs. This scheme, and others like it, are the subjects of the feature films: Too Big To Fail, Clinton Cash, Inside Job, and other films about the corruption of public tax dollars. The 60 Minutes investigative segments called: The Cleantech Crash, Congress Trading On Insider Information and The Lobbyists Playbook go into great detail about how these complex and extreme crimes were operated by the highest level public officials in the land.
With such an overt set of crimes, you would think there would be a large number of arrests but, as the Snowden, Panama, Swiss and FISA leaks now confirm, dirty bosses at the FBI and DOJ were not only covering up these crimes, but profiteering off of them. The Attorney Generals in New York and California were being paid by the very criminals engaged in these crimes.
The victims hit hardest were the independent automobile manufacturers in America. They were solicited by Obama, and his cronies, to waste their lives, budgets, brands and futures on Obama’s green car scheme. It turns out they were just defrauded into being used as theater props and facades to run cover for the kick-backs behind Obama’s covertly hard-wired Advanced Transportation Vehicle Manufacturing and Loan Guarantee Programs. Only Obama’s insiders were ever intended to get the cash.
History proves that hundreds of car companies with better technologies, better business metrics, lower costs, safer defect records, far better debt ratios, more public demand, and hundreds of other advantages, were blockaded and sabotaged by Obama. Obama did this to protect his insider crony car companies Tesla and Fisker because they paid for Obama’s political campaigns. These facts are now indisputable. Hundreds of Congressional hearings and tens of thousands of media reports prove it beyond any doubt.
Bright Automotive, Zap Cars, XP Vehicles, Brammo, Eco-Motors, Aptera, VVC, Bannon Automotive, Local Motors, T3, Think, Biotrike, EV Innovations, Vectrix, Limnia, Revolution Motors, Kleenspeed, Electric Motors Corp, Alte, Phoenix Motors, Wrightspeed, Goodearth, Cooperative Energy, Elio, Transonic, VPG, Electrovaya, ElectroRides, MotorTrike, BG, Futuris, and and host of other domestic companies were lied to and defrauded by Obama’s U.S. Government.
Federal representatives solicited and encouraged these companies to spend years of their time, staff commitments, mortgages, leases, payrolls and expenses on these bogus Department of Energy programs. During the entire operation of these programs energy bosses Steven Chu, Lachlan Seward, Matt Rogers, Steve Spinner, and the rest of Obama’s lackeys, knew that the money would only ever go to Obama’s campaign financiers at Solyndra, Tesla, Fisker and a handful of insiders. The San Francisco FBI kicked in the doors of Solyndra because so much money was missing but FBI bosses ended the investigation when Solyndra’s profits were found to lead straight back to Obama’s Oval Office. As Applicants all now know, FBI Director James Comey and Secretary of Energy Steven Chu were terminated for this corruption.
The abuse of these domestic Victims did not end with just the stone-walling and government blockades. It got far darker. The Obama Administration hacked, poisoned, blocked benefits of, spied on, black-listed and character assassinated any person from those outsider companies who cooperated with the investigations of Obama’s crimes.
In another published Congressional report Applicants learn:
“...The U.S. Department of Energy and the Obama White House ordered, financed and operated attacks on domestic taxpaying voters who were solicited by the Department of Energy to engage in Department of Energy programs.
The staff and owners of Bright Automotive, Zap Cars, XP Vehicles, Brammo, Eco-Motors, Aptera, VVC, Bannon Automotive, Local Motors, T3, Think, Biotrike, EV Innovations, Vectrix, Limnia, Revolution Motors, Kleenspeed, Electric Motors Corp, Alte, Phoenix Motors, Wrightspeed, Goodearth, Cooperative Energy, Elio, Transonic, VPG, Electrovaya, ElectroRides, MotorTrike, BG, Futuris, and and host of other domestic companies were lied to and defrauded by Obama’s U.S. Government.
The U.S. Department of Energy owes those parties cash payments for the damages maliciously caused by the DOE attacks against the individual Americans who reported the crimes engaged in by the U.S. DOE and the Obama White House.
The DOE and the Obama White House engaged in the ordering, operation of, financing and administration of attacks against these Americans which included: Financing black-lists, venture capitol black-lists, Google/Facebook/Twitter coordinated attacks and fake news, toxic poisoning, hacking, bugging, DNS black-holes, PayPal buyer hiding, character assassination, sending false information and defamation to employers, HR and recruiting agency database hacking and disinformation placement, the hiring of Fusion GPS/Media Matters/Gawker/Think Progress/In-Q-Tel, et al; for media assassinations, deploying spoof re-direction of websites, the placement of moles and outside agitators inside of those companies, stone-walling of their applications, defrauding Victims, use of the Victims to cover the DOE crony slush-fund, political bribery, anti-trust violations, competitive business spying and other criminal and illicit deeds against Americans.
The employees and contractors at the United States Department of Energy (DOE) are the servants, staff and hired help for the citizen taxpaying voters of the United States of America. They work on their behalf and are paid for their work by those citizen taxpaying voters of the United States of America….”