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Is Tesla On The Brink Of A Cash Crash?
“Model 3 production will be simpler than the Model S or Model X. For example, the Model 3 only has one screen, where S and X have two.”
Silicon Valley-based company Tesla has officially released its financial results for the final quarter of 2016 while also revealing that the entry-level Model 3 remains on track. On Thursday, CEO of Tesla, Elon Musk said the electric car company could get "close to the edge" as it burns cash.
Musk wrote a letter to the company's shareholders stating that production of the Model 3 should commence in July. In that letter, it was also revealed that Tesla would be manufacturing over 5,000 Model 3s a week the fourth quarter of 2017. He also mentioned that, in 2018, the production would be up by 10,000 units a week.
Musk said about the production plans of the Model 3, "Model 3 production will be simpler than the Model S or Model X. For example, the Model 3 only has one screen, where S and X have two."
Ben Kallo, an analyst at Robert W. Baird & Co also said, "It is all about the Model 3, and Tesla says the suppliers are on time, which historically has been a thorn in Tesla's side."
Once the Tesla Model 3 hits the market, the price range is expected to start at approximately $35,000 (Rs 23.32 lakh) and will have a driving range of around 215 miles.
Speaking about Tesla's financial situation, the American company has reported $121 million loss (Rs 806 Crore) in the fourth quarter of 2016.
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