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Tesla Motors ( TSLA ) expects to ship 20,000 cars in Q2, up 30% sequentially, and said capital expenditures will be 50% higher than previous guidance of $1.5 billion. The electric car maker is also bumping up its 500,000 unit build plan by two years to 2018 due to the “overwhelming demand” for the Model 3. Tesla lost 57 a share in Q1, deepening the 36-cent loss in last year’s Q1, and slightly beating consensus for a 58-cent per-share loss. This included a 7-cent positive impact from “unrealized gains from revaluation of our foreign currency transactions,” according to management’s letter to shareholders. Non-GAAP sales rose 45% to $1.6 billion, and GAAP sales totaled $1.15 billion. Analysts were expecting $1.6 billion. Tesla shares jumped 5.5% in late trading, after closing down 4% in the regular session. Tesla said “we remain confident that we can deliver 80,000 to 90,000 new Model S and Model X vehicles in 2016.” It added that it expects 30% gross margin on the Model S sedan and 25% on the Model X SUV by year-end. At the same time, it predicted a 20% to 25% operating-expense increase by year-end. Earlier Wednesday, Bloomberg broke the news that Greg Reichow , Tesla’s vice president of production, and manufacturing chief Josh Ensign will exit the company, bringing the number of vice presidents who’ve left so far this year to five. Reichow, who joined in 2011, was a particularly significant player at Tesla, having led a team responsible for “building an all-new manufacturing organization from the ground up and for making Model S and Model X a reality,” according to Chief Executive Elon Musk. Reichow’s departure was described as a leave of absence, but its length wasn’t specified. Bloomberg also cited an anonymous source saying that glitches in the launch of the Model X were tied to the executives’ departures, though Tesla denied this. Scalper1 News
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