In the third quarter, Tesla consumed 1.42 billion U.S. dollars (1.21 billion U.S. dollars in the second quarter), equivalent to burning 16 million U.S. dollars every day. Tesla’s financial report showed Tesla’s revenue in the third quarter was US$2.985 billion, a year-on-year increase of 30%. However, the net loss was as high as 671 million U.S. dollars, not only from the profit of 22.18 million U.S. dollars in the same period last year, but also to the largest quarterly loss since its founding, which was significantly higher than the 531 million U.S. dollars forecast by Wall Street.
Tesla blamed the loss on the production of Model3, and the bottleneck problem of Model 3 production appeared in the super factory battery module assembly line. Tesla said that it is cutting back on the production of two models to support the Model3, which is trapped in the production bottleneck. In the fourth quarter, the production of ModelS and ModelX will be reduced by 10% to destock and add more human resources to Model3. Elon Musk said: "The production process of Model3 is very large. We can only eliminate the least efficient program as soon as possible."
Tesla said that only 260 Model 3 cars were produced in October, far below its 1,500 target. Tesla’s chief executive, Musk, described the Model 3’s production as “deep in production hellâ€.
Analysts said Model3's "production bottlenecks" and huge losses were not expected by Tesla. Tesla is facing the dual pressure of investors and customers, because before the end of the year, it is difficult to complete the previously established Model3 production target. Earlier, Elon Musk said that as of December this year, production of 20,000 Model3, and as of October 2, Tesla only produced 260 Model3.
Regarding the production bottleneck encountered by Model3, Tesla said that the initial production phase of any new model is full of challenges, and Model3 is no exception, especially considering that they are now paying close attention to automated manufacturing, which will lead them to achieve lower levels in the future. The goal of cost and higher output. However, Musk stated that it is difficult to predict how long it will take to eliminate all production bottlenecks.
At the same time, after assessing the third quarter results, Tesla dismissed 700 employees, which was the first time that Tesla officially publicly acknowledged the layoffs. Musk stated that the reasons for the dismissal of employees were all due to poor performance of individuals. The 700 layoffs accounted for 2% of the total 33,000 employees. However, Tesla did not announce the department of the employee who was specifically laid off.
It is worth noting that this is not the first time Tesla has laid off its employees. In August of this year, Tesla fired 204 employees in Solar City, Roseville, California. In October of this year, Tesla said that due to poor performance, the company fired some employees, but did not disclose the number of layoffs.
In addition, on November 7, Tesla battery director Jon Wagner was found to have left. According to Wagner's linkedIn page, he is starting a battery and power delivery system startup in California. Since the beginning of this year, Tesla has seen the departure of executives. With Wagner, at least 17 executives have left Tesla this year.
Even the industry policy started to “fight†with Tesla. The US media has revealed that the new Republican tax reform program plans to cancel the $7,500 tax deduction for each electric vehicle. This is undoubtedly a big blow to Tesla, the main electric car.
As a company that excels at burning money, the “pampering†of the capital market is crucial for Tesla. Tesla had spent 80% of the 3.2 billion U.S. dollars it raised through debt issuance at the end of March this year. It is reported that Tesla’s outstanding debt is almost as high as 10 billion U.S. dollars.
Whether or not Tesla, which has not only burned money, but failed to reach production volume, will be able to weather this difficult situation and will depend to a large extent on the progress of the Model3 volume production program. This is the key to Tesla’s regaining confidence in the capital market.
Pigtail threader
Filling:
Use PVC hard pipe as a protective sleeve, stuff 48 pigtails into the pipe one after another, let them protect the pigtails, and then pass through a 5m diameter 3.5cm corrugated pipe; the number of operators is 3; the pipe cost is 50 yuan; the test time is 71 minutes.
Advantages: good protection.
Disadvantages: poor flexibility, low space utilization, poor applicability, and not portable.
Filling:
Use a plastic hose as a protective sleeve, stuff 48 pigtails into the tube one after another, let them protect the pigtails, and then pass through a 5m diameter 3.5cm corrugated tube; the number of operators is 2; the cost of the pipe is 45 yuan; the test time is 57 minutes.
Advantages: good protection, good flexibility.
Disadvantages: low space utilization, poor applicability, and not portable.
Wrapped:
The low-density polyethylene material is used as a protective cover, the 48 pigtails are reasonably placed and arranged, and finally rolled up and passed through a 5m diameter 3.5cm corrugated tube; the number of operators is 1; the material cost is 2 yuan; the test time is 49 minutes.
Advantages: light and practical, good flexibility, and high space utilization.
Disadvantages: difficult to arrange.
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