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Tesla Reports Second-Consecutive Profit; CFO Retires Again
Rei writes: Yesterday, Tesla reported their 4th quarter earnings, representing their second consecutive profit. While earnings per share missed analyst expectations ($1.93 vs. $2.20), revenue beat expectations by around $100 million and free cash flow ($910 million) was more than double the First Call consensus of $395 million. Model 3 margins were maintained at an impressive 20% level despite significant reductions in the average sale price in Q4; labor hours fell by 20% in Q4 and 65% in the second half of 2018 alone. With $3.7 billion in the bank, Tesla is now well positioned to repay its $920 million March convertible bond obligations in cash. Severance costs and an increase in inventory in transit due to shipments to Europe and China are expected to hurt Tesla's profits in Q1, but guidance for Q2 onward in 2019 is strong. Highlights planned for 2019 include introduction of faster V3 Supercharging early in the year, Model Y and pickup unveiling in the middle of the year, base Model 3 unveiling in the middle of the year, and full-vehicle production in the under-construction Shanghai Gigafactory by the end of the year -- the first wholly foreign-owned auto plant in China, which has seen extensive governmental support.
Despite a generally positive earnings report and conference call, the atmosphere was soured by the news that Tesla's 11-year Tesla veteran CFO Deepak Ahuja was re-retiring. Having previously retired in 2015, Deepak returned to Tesla in 2017 to replace outgoing CFO Jason Wheeler. Ahuja will remain with the company for several months as CFO and then become a senior advisor, while his protege Zach Kirkhorn fills his role. The market reacted negatively to the news, with Tesla trading down 4.5% premarket.
Despite a generally positive earnings report and conference call, the atmosphere was soured by the news that Tesla's 11-year Tesla veteran CFO Deepak Ahuja was re-retiring. Having previously retired in 2015, Deepak returned to Tesla in 2017 to replace outgoing CFO Jason Wheeler. Ahuja will remain with the company for several months as CFO and then become a senior advisor, while his protege Zach Kirkhorn fills his role. The market reacted negatively to the news, with Tesla trading down 4.5% premarket.
I always thought that, nice to see it official.
Why don't you just fuck off and let her be? No one gives a shit about your jealousy and bitterness.
"labor hours fell by 20% in Q4"
Reading comprehension is low in this one.
Mainly because she's publicly and loudly long TSLA, and has long ago shown herself utterly incapable of being objective or otherwise critically thinking about much of anything relating to Tesla or Elon.
That makes this story nothing more than a PR puff piece.
Other than that, party on.
Teslaâ(TM)s claims of a profit are fraudulent.
If your assertion is that it is a Tesla employee, [citation needed]
"You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
TeslaÃ(TM)s claims of a profit are fraudulent.
[citation needed]
[browser settings change needed]
"You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
I regret shorting Tesla stock. It was the biggest mistake I ever made! I lost a bundle when the stock skyrocketed last year. I should have listened. But I bought a bunch of Tesla stock last week so I am guaranteed to make it all back (and more)
Thanks for the good summary. I read stories this morning along the lines of "Management Shake-Up at Tesla, CFO Out, Replaced by VP of Finance."
I shall now go mark those news sources as "fake news, shorts colluders."
My God, it's Full of Source!
OUTSIDE_IP=$(dig +short my.ip @outsideip.net)
âoeYouâ(TM)re a faggotâ sent from my iPhone.
If Slashdot has an irony achievement, I vote that you receive it.
"You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
[faggot needs to fix their browser settings]
They literally turned a profit twice, you dumb fuck.
Checked the REI track definitely an Tesla fan big time but even a broken clock can be right twice a day. The Tesla short was all about buying Tesla on the cheap after financially crushing the company, a nasty plot schemed up by a car company and hedge fund managers, it failed and people should have been prosecuted including at the SEC because what they did to back the shorters against company investors, umm.
Yet still cars will be the smaller part of Tesla revenue versus power systems. Suburban distributed power system, solar and battery, with Tesla buying the sparkage after selling the kit and then onselling that sparkage to major buyers at far better rate than the power grid incumbents who are always pretty shite and way to greedy, well the corruptly privatised ones who are typically very bad.
Chaos - everything, everywhere, everywhen
I'kk get my coat
Donte Alistair Anderson Roberts - hi son!
Karma: Chameleon
Cdreimer left /. after 20+ years and posted 100+ videos in 2018. His trolls are still butthurt about this.
The thing to do for him: post more videos :)
“The demand for Model 3 is insanely high,” Musk said. “The inhibitor is affordability. It’s just that people literally don’t have the money to buy the car.”
Their earnings report says they plan to begin tooling for the Model Y this year, and 70% of its parts will be in common with the Model 3, which should lead to a quicker ramp-up than the Model 3 had. They're also still claiming to be working on the Semi, and are going to seriously ramp up solar roof production this year.
Corruption is convincing someone that the selfless ideal is the same as their selfish ideal.
If Rei could just be a bit more objective and fair she would be a great source of Tesla info. She clearly spends a lot of time learning everything she can about the inner workings of the company, with some insightful and interesting posts...
But then ruins it by idolizing Musk and their cars to a ridiculous degree. Also their quarterly earnings aren't particularly interesting.
There are some forums where people have really interesting discussions about the current crop of EVs. it's a shame we can't do that there, but it's already polarized into Tesla fans and oil shills.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
Elon Musk have been extremely clear, from the very beginning, that Tesla was a private bet almost sure to fail, but still worthwhile in order to speed up the transition away from ICE cars. The fact that they now seem to be able to actually make this a sustainable business is great!
Full disclosure: I'm a Norwegian electrical engineer who waited close to 25 years before the first 4x4 long range EV, i.e. a Tesla Model S70D was announced, we have used that as our only car for 3 years now.
Tesla is of course one of the best-selling car brands in Norway due to our extreme EV incentives, which include no toll road fees, mostly free parking, very low road tax, all on top of zero import duties or sales tax. With 98%++ of our electricity coming from hydro, this is a very nice situation indeed. Currently well over half of all new cars here are pure EVs (a majority) or plug-in hybrids, with ICE cars making up the remaining third or so.
Terje Mathisen
"almost all programming can be viewed as an exercise in caching"
Market will anticipate it, index funds would have buy some 6 billion in TSLA stock. And steady purchase thereafter. But it is not something that trigger any kind of short squeeze of any kind.
Already big smart shorts have closed their positions. 41 million TSLA shares were shorted in Jun 2018. Now the number is around 24 million. Still high, but the trend is down. Two more months it might not be the most heavily shorted stock in the market.
Elon is surprisingly well behaved. If his demeanor is any indication, the company is doing very well.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
Perhaps if Musk actually delivered the $35,000 car he promised in the first place, 2 years ago, they might be able to afford it.
what the hell, nothing but good news, one tidbit about the CFO re-retiring (really, you should have seen it comming that this was only a short stint) and the tesla stock still drops!
meanwhile after facebook financial announcements, the stock goes up, while it's probably the most scummy company on the planet hated by most of its users!
On a long enough timeline, the survival rate for everyone drops to zero.
*Tesla turns around and makes profit*
*article reports that Tesla had turned around and made a profit*
REEEEE puff piece REEEEE
Whatever you say, Screechy McAutism.
You don't see that very often. I'm a little jealous.
Also true, he did not.
But what he did deliver, 50K car 1 year ago is still a stunning achievement far beyond anything the traditional car companies managed to do so far.
There are some exciting announcements from them. There are some exciting products from them. Jaguar I-Pace, Hyundai Kona... Whether they beat Tesla, or they coexist with Tesla, or they reduce Tesla to be some boutique vendor of strange electric cars, Auto world has been shaken thoroughly to the core.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
In other words demand is not insanely high.
The actual news story (and the one the rest of the media actually reported) is that Tesla missed expectations on profitability -- rather badly, actually ($1.93 per share rather than $2.20, and on more revenue than expected, which makes the profit margin even lower than expected). And that performance resulted from continuing to skim the high-margin cars off the Model 3 backlog, so there are no structural reasons for it to get any better, and plenty of reasons (e.g., when people actually start needing significant warranty work on the huge fleet he's pumping out the door) for it to get worse.
"Tesla Reports Second Consecutive Profit" sort of... how to put this gently... skirts all that.
It has barely gathered 50 comments over 12 hours.
Looks like most paid trolls have been reassigned and only the self motivated trolls are infesting these threads.
Looks like Tesla will be left alone soon, like Ford or GM. Of interest to a few people and does not attract clicks.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
How does the Ioniq compare to the Tesla Model 3? Hyundai have announced that they will increase the range a little on 2019 models, bringing it close to the mid range model 3, and a fully loaded one costs about the same as the Model 3 base price. No idea how these cars compare on room or trim, but the one thing Tesla still has going for it is their charging tech, which they got right the first time. Still, it looks like the mid range Model 3 already has some competition going...
The Kona sits in a somewhat different market, the price is between the mid range and long range Model 3s. It is a very nice car (I did a test drive in one), and at the moment they are being snapped up by people who want longer range but cannot afford the much pricier long range Tesla 3. Delivery times already exceed 18 months in a country that Hyundai has given priority to. That's another thing to remember: Tesla produces more Model 3s in a month than the number of Konas Hyundai is expected to make in a year. Hyundai is expected to ramp up production a bit though... to about 1/5th of the Model 3 volume.
If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...
Three times, actually. There was a profitable quarter before the run-up to Model 3.
But yeah, it's mostly a sea of red ink so far.
Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
Except for, you know, the reported GAAP profit.
Can't find any more FUD, so now you just go for denial and lies?
Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
Fun fact, this clown does not seem to understand either capital investment or amortization of assets and doesn't think that any company has generated profit until they have paid all of their long-term capital expenses.
Funny, huh?
Shorts are gonna be shorts, expecting them to live in our world is really a stretch
She's a great source of one-sided Tesla info because she either works directly for the company as an astroturfer, or she's heavily invested in Tesla stock.
Earlier they were going for some sort of compromised compliance cars. First time they are seriously attempting to compete. They wisely are not taking Tesla head on, but try to find a niche where they can operate. That is the important thing.
At the end of the day, if Tesla gets 20% of the world market for all automobiles, that would be immense, beyond the wildest imaginations of the most passionate supporters of Tesla. So even such a wildly pro Tesla scenario, 80% of the cars will be non Tesla. So other companies making serious attempts to make a good electric car should be encouraged.
I am pro BEV. Of all makes.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
Nobody ever claimed they'd be bankrupt in a month.
You are an idiot.
How is the demand side looking for Tesla? Out of curiosity, I went to the order page to see how long the wait is for a Model 3. The wait is.. none? What happened to the wait list of orders? Is this going to be an issue going forward, or do they see enough on demand orders to absorb their ramped up production?
I see you haven't looked into Solar City at all
The accounting is fraudulent. That’s why their CFO jumped ship. He doesn’t want to go to prison along with felon musk.