Science

Elon Musk still doesn't think LIDAR is necessary for fully driverless cars

Elon Musk still doesn't think LIDAR is necessary for fully driverless cars

We've made significant progress in Model 3 production, having delivered Model 3 to customers in more than 20 states, and we continue to target weekly production rates of 2,500 by the end of Q1 and 5,000 by the end of Q2. The only problem is they're still in Germany. The firm owned 2,269 shares of the electric vehicle producer's stock after buying an additional 500 shares during the quarter. It's not a question of whether it works or not.

"I don't want to jump the gun on those but I think we've got a good plan, ' Musk said".

This hints at a new facility, which could be in China, after a deal to build a factory in Shanghai was reached towards the tail end of 2017. Tesla uses the 18650 lithium battery cells in its Model S and X, while other products use the newer 2170 format the company developed.

The loss was narrower than Wall Street had expected, however.

Perhaps the biggest point coming out of the call was that Tesla is cautiously optimistic about becoming profitable on a GAAP basis at some point this year. George Galliers, an analyst at Evercore ISI, warned of "timing risk" around the reassembly process.

In related news, VP John Douglas Field sold 1,400 shares of the company's stock in a transaction on Wednesday, December 13th.

In after-hours trading Wednesday, shares of the company bounced around, but were now flat.

There were plenty of positive signs in the earnings, too. But investors are concerned about the Model 3 because it was supposed to be the mass-market vehicle that could fly quickly off the assembly line and make money for the cash-burning company.

"The business is complex, and there's nearly always something for bears to focus on". Here are the most important notes from that conversation with analysts.

AAA study highlights shocking drowsy driving statistics
Sleepiness was also a factor in 10.6% to 10.8% of crashes resulting in significant property damage, airbag deployment or injury. Pearce is still "tormented" that the accident was fully preventable, but believes that the accident happened for a reason.

Tesla's future as a mass-market carmaker hinges on automated production of the Model 3, which more than 400,000 people have already reserved, paying $1,000 refundable fees to do so. Musk's latest promotional stunt involved firing off a sports auto into the sky atop the world's most powerful rocket.

"This is the year when we believe we can achieve true cost parity-producing a premium EV like the Model 3 will be no more expensive than producing an ICE vehicle, something that many believe is not yet possible", Tesla said.

On the company's earnings call, CEO Elon Musk noted that Tesla is learning from its production challenges.

Tesla's total revenue for 2017 was $11.8 billion, which was also in line with analysts' forecasts. "Tesla lost more money this quarter than any time in its history".

Tesla ended the fourth quarter with $3.37 billion in cash, just below the $3.5 billion in the previous quarter, which had been boosted by a $1.8 billion debt sale. "Tesla's operating cash flow, net free cash flow and gross cash were all better than expected".

"If we can send a Roadster to the asteroid belt, we can probably solve Model 3 production".

Chief Executive Officer Elon Musk said a self-driving Tesla will attempt the trip from Los Angeles to NY in the next three to six months after missing the deadline he set for late 2017.

In January this year, Tesla braced investors for a much lower production and delivery rate of Model 3s.

The department tasked with pulling that off will now be reporting directly to the CEO after Lyft Inc. hired away Jon McNeill, who had been president of global sales and service at Tesla and an influential figure at the company.


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