Tesla delivers record number of vehicles, cuts prices by US$2,000
03 January, 2019, 08:24 | Author: Frank Williams
Tesla has urged buyers to make use of the federal tax credit, with Mr Musk reminding them on Twitter on Saturday that the benefit would drop to half at the beginning of 2019.
Q4 deliveries grew to 90,700 vehicles, which was 8% more than our prior all time-high in Q3.
It built 86,555 vehicles in the fourth quarter, including 61,394 of its flagship Model 3 sedans.
According to Tesla, more than three-quarters of its Model 3 orders in the last quarter of the year were from new buyers, not pre-existing reservations.
The company also fell just short of its promise to deliver 100,000 Model S and Model X vehicles during the year.
Despite this Tesla said that "combined with the reduced costs of maintenance and of charging a Tesla versus paying for gas at the pump, [our] vehicles are even more affordable than similarly priced gasoline vehicles".
"Our inventory levels remain the smallest in the automotive industry", the company said Wednesday.
But the price cut of $2,000 on the model took the market by surprise and weighed on the stock, pushing it down 9.4% in morning trade on a broadly weaker day for USA markets. Investors perceived the news as a signal of a low demand for Model 3s, which immediately sent Tesla's shared down 2 percent.
The company announced a $2 000 price cut on each of its vehicles to help make up for USA buyers now being eligible for only a $3 750 federal tax credit for the next six months, half what they were getting previously. But the company is unprofitable for the first nine months of 2018, and cash flow remains a concern for investors.
Reuters calculated that Tesla's third-quarter pretax profit was around $3,200 per vehicle delivered. Global deliveries to Europe and China will start next month and it will launch a right-hand drive version later in the year. Starting today, we are reducing the price of Model S, Model X and Model 3 vehicles in the U.S.by $2,000.
As of the end of September, the company reported $9.7 billion in long-term debt and another $3.6 billion in accounts payable owed to parts suppliers and other companies.
Though not quite the same as a direct discount, these incentives have made Tesla's cars much more appealing to budget-conscious EV enthusiasts over the years. Moody's predicted the company would have to raise more capital.
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