Car company lowers its projections for production as 2012 looks to be a disappointment
San Francisco, CA -- (SBWIRE) -- 10/01/2012 -- Tesla quietly cut their forecast for the production of electric Model S vehicles, at least for the short-term. Tesla simultaneously says it has “Increased our Model S production at a rate slower than we had earlier anticipated,” and because of this it claimed “approximately four to five weeks behind our previously announced Model S delivery goals as of the end of 2012.”
255 Model S vehicles were made, and 132 Model S vehicles found their ways to customers. Tesla stated it produced 34 of those were for their marketing and engineering purposes.
Tesla has shifted their estimate to 300 Model S vehicles for the third quarter. It will deliver 200 of those to customers. The company is capable of weekly production as high as 400 Model S vehicles by the start of 2013. That could mean as high as 3,000 for the fourth quarter.
Besides the specific downgrade, Tesla had to cut revenue forecasts for the year by almost $100 million. Tesla expects the revenue from the third quarter to be just under $47 million. It claims the profit margin will be negative 15-18%.
“The third quarter has been the strongest quarter in our history for new Model S reservations, totaling more than 2,600 to date.”
Yet Tesla saw 1,000 reservations cancelled after customers were asked to configure their car or risk losing their production slot. The filing from Tesla states,
“We expect the cancellation rate to decrease after we work through the older reservations on our list and there is less of a gap between a customer placing a reservation, configuring the car and receiving delivery.”
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