The American electric vehicle manufacturer Tesla Motors might not meet is selling objective.
The American electric vehicle manufacturer Tesla Motors has given a bad news to its customers. Tesla news exclaimed that although the Californian automaker has drawn a better than anticipated picture in proclaiming its second quarter earnings, it warned of fewer car sales of the year. This message was not welcomed by the share market as the firm’s stock tumbled.
On the positive side, the electric vehicle pioneer stated that it had earned slightly more sales revenue and had less of a net loss, than experts had anticipated. In addition, Tesla which is known for manufacturing high tech electric powered cars stated that it would deliver Tesla Model X in September.
Latest news on the electric car company disclosed that the South African born entrepreneur’s firm has acknowledged that it might fail to meet its target of selling 55,000 vehicles this year. Instead the electric vehicle maker’s Chief executive Elon Musk has claimed it was revising its guidance down by as many as 5,000 automobiles. Model X related problems could adversely affect the production of the current Model S, because the two cars would be produced on the same assembly line in Fremont, California. Press sources have affirmed that Musk believes that Model X is a difficult car to build.
Tesla Motors news informed that the Musk headed achieved its objective for second quarter deliveries by selling 11,532 vehicles to customers. Asked whether the decrease in the sales volume would not let Tesla turn cash flows positive, Chief financial officer Deepak Ahuja has stated that it would be close to and the firm might meet that target in the initial part of 2016. Commercial sources have informed that the Wright founded organization has spent heavily as it gets ready to launch Model X and manufactures a more affordable Model 3.
In the second quarter, the automaker has spent $405,000,000 on capital expenditures. This huge spending has contributed to its losses. Official sources have informed that one expected feature that the automaker has promised autopilot may be only 240 hours from reaching certain vehicle users. Elon has stated that a specific group of Tesla owners would be given access to the feature on 15th August 2015, in what he defined as public beta testing. He added that the new tool would control acceleration and steering and would be brilliant when it has a tracking automobile in front.
As per reports, the electric powered vehicle manufacturer’s used cars selling program has earned $20,000,000 in sales revenue. It is most likely that the firm’s financial report would be welcomed by its competitors. The executives of the vehicle manufacturing organization should now take initiatives to improve its operations otherwise it might not be able to retain its position in the market.
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