Tesla recalls 123000 cars over power steering fix

Tesla recalls 123000 cars over power steering fix

Tesla produced 9,766 Model 3s in Q1, according to Tesla's quarterly production figures reported today, below some analyst expectations but above others. The company's revenue was up 43.9% on a year-over-year basis. research analysts anticipate that Tesla will post -15.15 earnings per share for the current fiscal year. Tesla also tried to reassure investors that the company was making progress in addressing the production and supply chain bottlenecks that have constrained the rollout of the mass-market vehicle. Amid production delays and quality issues with the Model 3, Tesla still managed to build 34,494 vehicles in Q1 2018-its "most productive quarter" in history the company said.

In February, China imported 2,323 vehicles with electric motors from the USA, and 2,160 of those were Teslas.

Tesla sold 14,883 vehicles in China past year, accounting for just 3 per cent of the nation's battery-powered electric-vehicle sales and placing it as the No 10 brand in that segment.

The timing of this press release is rather interesting because it seems to a the company's response to an article from The Information yesterday about how the company's problems with Model 3 have continued. It is a testament to the ability of the Tesla production team that Model 3 volume now exceeds Model S and Model X combined.

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The increased production comes after a succession of bad news for the company this year, which started with low production numbers in the fourth quarter when the company made only 2,425 Model 3s.

The production numbers, short of Tesla's own target of 2,500 per week for the end of March, are far higher than the quantity of 793 Model 3s built in the final week of previous year. A photograph showed Musk apparently slumped unconscious beside a Model 3, holding a cardboard sign reading "Bankwupt". The company hasn't said whether a Model S sedan that crashed near Los Angeles earlier in the year was operating on Autopilot. On the other hand, The National Transportation Safety Board (NTSB), which is also investing the matter, is not happy when Tesla shared the accident's details to the public, per Automotive News.

The baby steps that were the start of the Tesla Model 3's production life have evolved into the strides of a toddler, with the company revealing it shipped five times as many sedans in Q1 as it did in Q4 a year ago. Last week, it confirmed that a Model X involved in a fatal crash was running the semi-autonomous Autopilot system at the time of the collision, drawing the attention of federal investigators.

Wall Street analysts that have seen Tesla shares plunge by 33 percent over the past six months were not impressed with Musk's stunt, and warned the company may be in default of its credit agreement and be forced to raise cash at firesale prices. Model S and X customer vehicles in transit were high. When you add in the recall of 123,000 older Model S cars over the possibility of a rusty bolt, Tesla has taken quite a hit.

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