Tesla's 4th quarter profits miss expectations - CFO retires

Tesla's 4th quarter profits miss expectations - CFO retires

As media attention focuses on Tesla's profitability and upcoming vehicles, the company is still continuing to refine Model 3 production and increase output volume. "The midsize SUV will share more than three quarters of its parts with the Model 3, and Tesla will likely build it at its Gigafactory battery plant outside Reno". "With almost 140,000 units sold, Model 3 was also the best-selling premium vehicle (including SUVs) in the USA for 2018 - the first time in decades an American carmaker has been able to secure the top spot", the letter reads.

Ahuja was the main point of contact for the sell-side automotive analysts I speak to regularly, and he was tasked with smoothing over relations with the Street-including Bernstein's Toni Sacconaghi-after Musk referred to one of Sacconaghi's questions as "boneheaded" on Tesla's disastrous May 2018 earnings call.

Tesla has been plagued with production issues for their current Model 3 production line, so investors were unsurprisingly a bit anxious that the Model Y would have similar issues.

Approximately 140,000 of those were Model 3s. Musk has saidTesla suffered with logistical issues as it rushed to deliver Model 3 vehicles to customers after solving production backlogs.

So no, Musk did not "just" release all of Tesla's patents in an attempt to fight climate change. It would bring several new features. Tesla recently laid off some of the Model S and Model X staff and discontinued the cheapest versions of these vehicles. Institutional investors own 57.54% of the company's stock. As a result, the federal electric vehicle tax credit will be lowered to $3,750 new Tesla purchases after the January 1st, 2019.

Model 3 deliveries during the quarter were 63,359, up from 1,542 in the year-ago quarter and 56,065 in Tesla's third quarter of 2018. It had to set up makeshift tents in the parking lot of the Fremont facility to make vehicles.

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Surprisingly, Musk's announcement came on the very day when a Chinese national was arrested for stealing a major patent for Project Titan - Apple's ambitious project involving self-driving cars. It commands an envious 83% share of the U.S. electric vehicle market.

For the full year, Tesla lost $976.09 million, or $5.72 per share.

The California-based company, founded by Elon Musk, reported a profit of $139 million in the fourth quarter, as the business managed to achieve another period of positive cashflow of $910 million, up from $881 million in the previous quarter. But steady hard work by the company has seen the company gradually reduce its losses, and it finished the year with $3.7 billion in cash. "In the second half of 2018, our cash position improved by $1.45 billion despite the scheduled repayment of a $230 million convertible bond in Q4", Tesla said.

With a few minutes to go before Telsa's quarterly earnings call ended, Elon Musk surprised investors with news that chief financial officer Deepak Ahuja will be leaving the company, Reuters reports.

Ahuja, a seasoned auto industry finance executive with 15 years of experience at Ford, joined Tesla Motors as its first CFO in 2008.

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