Published: Sat, August 05, 2017
Economy | By Melissa Porter

Over 60000 orders of Tesla Model 3 cancelled: Musk

By the end of that year, the California-based automaker hopes to be producing 10,000 cars a week.

While Tesla saw increased costs in the quarter, primarily because of investment in getting Model 3 production started, overall losses were reduced. At the same time, Model S and Model X orders have been increasing. CEO Elon Musk said investors should have "zero concern" about whether Tesla will be able to make 10,000 Model 3s per week by next year.

"It has turned out to be a pleasant surprise", he added. Analysts' consensus estimates for Tesla's revenue and adjusted loss per share were $2.51 billion and a loss of $1.83, respectively. Tesla reports having more than $3 billion cash on hand at the end of the quarter.

The entrepreneur's comments came after Tesla announced its second-quarter financial results, revealing revenue of $2.8bn (£2.1bn) and a loss of $2.04 per share.

Tesla Model 3 in pictures Mon, January 30, 2017 The Tesla Model 3, which is set to be released in 2018, in pictures.

Musk spent the next 30 minutes discussing his vision for Tesla over the next year and beyond. They already changed the concept that electric cars are boring and slow with their previous model and the model 3 is going to be incredibly fast but it is also going to be so affordable starting from $35,000.

The results came within a week of Tesla's long-awaited Model 3 launch, where Musk revealed that first off the production line would be a $44,000 version of the auto with a 310-mile (500 km) range. By comparison, the Chevy Bolt has been selling about 1,800 cars per month through April.

It's a steep increase in production. Tesla says the solar tile will be cheaper than traditional shingles - the roofing most used in the USA - with solar panels on top. The demand for the high models further got a boost after the Model 3 handover event last Friday. And in July, weekly net order rate for Model S and Model X was about 15% higher than Q2 average weekly order rate.

"We are not at this point considering an equity raise, we are thinking about debt", Musk said on the company's second-quarter earnings call.

The Tesla Model S may technically be older than the new Model 3 hotness, but it's still the brand's flagship. "I've never seen anything like it".

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