Tesla Model3 orders are growing steadily and are expected to be profitable in the fourth quarter

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Electronic network report: The first batch of Model 3 models just delivered last weekend. On Wednesday, Tesla released its second-quarter earnings report, showing that the quarter's revenue was 2.8 billion US dollars, better than analysts' expectations. Orders for Model S and Model X grew steadily, with weekly net orders up 15% in July compared to the second quarter of 2017. After the earnings report, Tesla shares rose 8%.

Model 3 will soon be profitable

In the conference call after the release of the earnings report, Tesla CEO Musk reiterated that the production of the Model 3 model is on schedule, and there is no need to worry about production. He also revised the number of orders for Model 3, from 518,000 to 455,000. Mask acknowledged that in the past year, about 63,000 Model 3 orders have been cancelled, but the company currently receives an average of 1,800 Model 3 orders per day. Tesla expects the Model 3 model to achieve profitability in the fourth quarter; the profit margin is expected to reach 25% in 2018.

Model S and Model X delivered 2,026 units in the second quarter and delivered 47,077 units in the first half of the year. Tesla's deliveries increased by 53% in the second quarter of 2017 compared to the slow-moving luxury car market delivery figures for the same period in 2016. The increase in sales of Model S and Model X has reduced concerns that the newly released entry-level electric vehicle Model 3 may affect the sales of high-end models. The company also said that the delivery figures for the Model S and Model X models will surpass the first half of the year.

The delivery data released by Tesla last month showed that sales were not as expected due to a shortage of battery packs. To this end, Tesla said that the problem has been solved. Tesla told the First Financial Reporter that the Model 3 drive unit and the 2170 battery pack will be produced at Super Plant No. 1, and the production line is currently being fine-tuned to significantly increase productivity. In addition, for the departure of this week's Tesla battery director Kurt Kelty, Musk answered the relevant questions after the release of the earnings report. He said that Kelty has found a new job opportunity, and his work will be shared by the relevant team. Tesla said that the flow of people is normal.

In the past quarter, Tesla's cash expenditures reached $1 billion, setting a quarterly expense record, mainly for the investment in the Model 3 production at the Fremont plant and the increase in production at the super battery plant. As of the end of the second quarter of 2017, Tesla's cash reached $3 billion. Removing the $1 billion already pointed out means that in the absence of new financing, Tesla will have $2 billion to spend in the second half of the year.

Musk said that there is no new financing plan, but he also noticed that the company's debt is high. Investors on Wall Street said Tesla may need to start a new round of financing sometime next year to support the company's expanding mass production.

Musk said that the Tesla supply chain team is currently focusing on the final stage of the development of the Model 3 model. Tesla has opened the Model 3's matching program to thousands of employees. Soon, non-employee customers will also begin to receive invitations to match, and existing Tesla owners have priority. Delivery of Model 3 models to non-employee customers will begin in the fourth quarter.

It is reported that the first batch of 30 Model 3s released last weekend is a long-cruise mileage version of the rear-wheel drive model, with a sales price of 44,000 US dollars, the model has a cruising range of 310 miles (about 499 kilometers). In addition, the Model 3 Standard Edition has a sales price of $35,000 and a cruising range of 220 miles (354 km). Tesla expects the model to start selling in North America in November. Tesla also announced the delivery time of Model 3 in the international market, saying it will be delivered later in 2018, depending on the regulatory approval time.

Tesla told the First Financial Reporter that because the Model 3 was designed to be more streamlined and fewer parts, the manufacturing cost was reduced and the feasibility and reliability of production were improved. Tesla expects to produce more than 500,000 Model 3 models per year in the future. Specifically, more than 1,500 vehicles will be produced in the third quarter, and by the end of 2017, the production speed will reach 5,000 vehicles per week; at some point in 2018, it will reach 10,000 vehicles per week.

Tesla is also expanding its network of supercharged piles with the goal of doubling the number of supercharged piles by the end of 2017. At the same time, the research and development of new products is also steadily advancing, and the installation of the first solar roofs has been completed in the employees' homes. Recently, Tesla also joined forces with French renewable energy company Neoen to announce investment in one of the world's largest lithium battery plants in South Australia. The Mask vows will be built within 100 days, otherwise it will be powered free of charge. Tesla said: "We are now focused on increasing production speed to support our mission to accelerate the world's transition to sustainable energy."

New era of electric vehicles

From Model S to Model 3, Tesla not only blew the horn of the global electric car era, but it also marked an important milestone for Tesla to enter the Volkswagen electric car market from the luxury car market.

Bill Russo, managing director of Gaofeng Consulting and senior analyst in the automotive industry, told the First Financial Reporter: "Model 3 marks the beginning of large-scale commercialization of Tesla electric vehicles, which is as much as the 20th century Ford. The impact of Model T on the automotive industry."

Interestingly, Musk compared the safety factor of Model 3 with Volvo's S60 at the launch of the first Model 3 delivery, saying that the S60 is the second safest car in the world, alluding that Tesla has become a global player. The safest electric car. However, Tesla really wants to compete with Volvo and faces enormous challenges.

Traditional car manufacturers, including Volvo and Volkswagen, have announced that they will aggressively enter the field of electric vehicle manufacturing, and they have greater mass production advantages than Tesla. Volvo said that the new models launched from 2019 will all be powered by electric vehicles; Volkswagen also said that the new hatchback electric car Neo is equivalent to the electric version of Golf, the price is the same as Golf, and the cruising range can reach 600 kilometers, exceeding At present, Tesla has a cruising range of up to 500 kilometers.

At the same time, Chinese electric vehicle manufacturers are also posing a threat to Tesla. Volvo's parent company Geely is developing electric vehicles. Geely has joined forces with Volvo to launch the new luxury electric vehicle brand Link (Lynk & CO); and Buffett's investment in BYD recently announced that it will expand its production line in the United States.

However, the market's crazy pursuit of Tesla is far from over. Although Tesla has only two quarters of profit since its listing in 2010, this does not prevent the company's share price from soaring. Since the beginning of this year, Tesla's share price has risen by more than 50%, and Tesla's market value has also exceeded $53 billion, surpassing Ford and GM to become the largest automaker in the United States. According to analysis by venture capital firm Loup Ventures analyst Gene Munster, Tesla is expected to become the world's largest technology company by market value in the next five years.

Tesla CEO Musk, like Amazon's Bezos, has become a legend in this era. From Tesla to SpaceX, from Hyperloop to the recent Boring Company, the investor bet on Tesla is actually investing in Musk's strategic vision. Although Musk himself admits that Tesla's stock price is too high and the market value cannot be guaranteed for a long time, the company may not be worth much, but Tesla's share price still has very strong support and has become the company that has benefited the most from the US stock market. one.