Panasonic Says Gigafactory Battery Output to Increase for Tesla's Model 3

Panasonic Says Gigafactory Battery Output to Increase for Tesla's Model 3

The company now plans to produce 5,000 Model 3 sedans per week by the end of the first quarter in 2018 - a target it had initially planned to achieve in December.

Tesla is not having a very good fall-and if you're waiting on a brand new Model 3, the next few months aren't looking good for you either.

With the addition of Model 3 as a compelling, high-performance and long-range electric vehicle that is also affordable, the Tesla fleet should grow even faster in the years ahead.

MetLife Inc. reported third-quarter adjusted profit and sales that beat expectations, announced a new $2 billion stock repurchase program and said it would divest its remaining Brighthouse Financial Inc. stake, but the stock still fell 1.7% in after-hours trade as it swung to a net loss.

Tesla's shares jumped slightly on Tuesday when Panasonic's CEO Kazuhiro Tsuga, a production partner, said the Model 3's delays came from problems in automating its battery production line and those problems have been addressed.

Tesla expects to hit a Model 3 production rate of 5,000 vehicles per week by late Q1 2018.

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Tesla reported that cash and cash equivalents rose to $3.53 billion on September 30 from $3.04 billion at the end of the second quarter, but Tesla in August raised $1.8 billion by selling debt.

Tesla saw capital expenditures of about $1 billion in the fourth quarter and said it was "well capitalized" for the delayed Model 3 production schedule.

In Q3, we delivered the 250,000th Tesla. It also spent $325 million to repay a credit facility in the quarter.

Quarterly revenues were $2.98bn, 30% higher than the same period a year ago.

"Model 3 reservation holders may not be thrilled about the fact that they have to wait longer than they thought for their vehicle, but it likely won't cause them to cancel their orders en masse", Caldwell said.

Tesla's continued need for cash is exacerbated by Musk's insistence on vertical integration, such as making its own batteries and selling cars directly to customers. Still, there's evidence that Tesla is very far from that goal: The Wall Street Journal reported last month that Model 3's were being "banged out by hand". Finally, Vetr upgraded shares of Tesla from a strong sell rating to a sell rating and set a $320.97 price objective for the company in a research note on Friday, October 13th. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.50 billion.

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