Posted on 11/03/2017 1:44:52 AM PDT by Rockitz
Tesla recently announced the largest quarterly loss in the company’s history and stated that they would be slashing production on their Model X and Model S cars to focus resources on the development of their Model 3 vehicle.
Business Insider UK reports that Tesla announced on Wednesday the largest quarterly loss in the history of the company. Bloomberg also reported some key numbers from Tesla’s announcement which can be found below:
Adjusted loss per share: -$2.92 (-$2.23 expected).
Revenue: $2.98 billion ($2.39 billion expected).
Free cash flow: –$1.4 billion (-$1.2 billion expected)
Tesla stated that they would be producing approximately “10 percent fewer,” Model S and Model X cars in the fourth quarter in an attempt to increase production of their new Model 3 sedan. The company hopes to hit a production rate of approximately 5,000 vehicles a week by the end of the first quarter of 2018.
(Excerpt) Read more at breitbart.com ...
Elon Musk has done a lot of impressive technical things that I admire. However, I am with you. His business model is crony capitalism at its worst. He lives on our tax dollars and on government favors paired with special rules that give him an edge over potential competitors.
Guess a lot of potential buyers want a car that can go more than 300 miles without having to recharge at a special station. Give me diesel horsepower all day and night long. I own diesels from the 80s, 90s and 2000s and I love the power and range. My 95 has a 24 gal tank and I can drive close to 700 miles without refilling. Electric cars are like the metric system.
In before the musk acolytes shriekingly defending their god.
And Trump, in the tax cut plan, phases out EV credits!
God Bless that man!
Tesla, Solyndra, Iran, etc. that 9 trillion dollars had to go somewhere...
Time to rip the taxpayer funded ear-rings off the Musk pig!
“And Trump, in the tax cut plan, phases out EV credits!”
About time! Sink or swim. Rats like Feinstein will try to work them back in when the Senate gets the bill.
+1. PT Musk has a cult following that is shocking. As far as his “technical achievements” it was time and he made a place - no biggie. Here in Reno he sold the pols a big con with his “Giga factory” that is a complete cluster. Biggest open pit money hole in the West.
If you think the actual cost of a SpaceX Falcon 9 Full Thrust mission (allowing booster recovery) is $62M, I’ve got a bridge in Brooklyn I’d like to sell you too.
...
There you go with your bitter nonsense again. The $62 million is the retail price, not the cost.
How much do you want for the bridge?
And Trump, in the tax cut plan, phases out EV credits!
God Bless that man!
...
Which is bad news for Tesla’s competitors, since Tesla’s sold so many cars, they are running out of credits, anyway.
All of that shilling for Tesla at the WSJ doesn’t seem to be working. Us poor sheeple aren’t so much sheeple after all.
Elon Musk is the poster child for corporate government leeches. He does well financially because politically connected liberals use taxpayer money to invest in crap no Capitalist would go near with a 10 foot pole. Thanks to DJT his teat-sucking days are numbered.
Plus everything Elon Musk makes/develops is cobbled together off-the-shelf technology. Carbon fiber, microprocessors, refractory metals, and lots of government help... he’s not Thomas Edison working late at night making wax cylinders that talk or inventing a contraption that shows pictures that actually move.
As expected
Tesla never made money on selling cars. They made money selling carbon credits to other car manufacturers.
Primary product
Of Elon Musk company
Is the Subsidy.
Electric vehicles that rely on battery power alone are a technological dead end, always limited to availability of recharging stations, and the limited lifetime of the bank of batteries used.
Battery-electric vehicles do have their purposes, but they are not the long-range cruisers that the independence of the internal-combustion engines have made available throughout the world. Now, if fuel-cell systems could be developed that were both competitive in cost and with availability of refueling stations where hydrogen was sold at a price competitive with hydrocarbon fuels, then we are talking about REAL revolution in personal transportation.
Or we could go to human-propelled transportation, some kind of sophisticated bicycle, running on dedicated bikeways.
The system that relies on some form of batteries is always going to be limited. Now, if some kind of supercapacitor could be built that really DOES store electricity, we may be talking real engineering progress, if the problem of keeping the discharge rate of the capacitor could be controlled to use it as some kind of throttle, making the system MUCH more flexible.
The Flux Capacitor was perfected in the eighties I think. :)
One of the things in the new tax reform bill, from what I read, is electric car companies would lose the customer credit they’ve been getting.
Well, I guess it would be the customers losing the $7k credit, not the company but it would result in far fewer car sales.
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