Model 3

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Elon Musk banks on his self-driving taxi service as Tesla burns through cash

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Tesla’s robo-taxis are needed more than ever.

The company lost $702 million in the first three months of the year and the EV maker doesn’t expect to be profitable again until the second half of the year, according to first quarter earnings results reported Wednesday. Revenue was lower than expected at $4.5 billion.

CEO Elon Musk had braced for a losing quarter back in February when he announced the $35,000 base price for the Model 3, but he still sounded disappointed on Wednesday’s investor call to discuss the sluggish numbers. 

“The brand is losing steam,” Jessica Caldwell, executive director of industry analysis at Edmunds, said in an email. Read more…

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Tesla shares fall 7.6% following price cuts in China and Elon Musk’s promise to reimburse missed tax credits

Monday was a tough day for the U.S. stock market, but Tesla shares were hit especially hard. The stock fell by 7.6 percent after Tesla cut the Model 3’s price in China and CEO Elon Musk promised to reimburse U.S. customers if they miss a tax credit deadline due to Model 3 shipment delays.

Reuters reported this weekend that the Model 3’s prices on Tesla’s China website had been reduced by up to 7.6 percent, with the starting price now at 499,000 RMB (about $72,000). This is the third time since November that Tesla has lowered the price of its vehicles in China.

The first was in November, when it slashed the price of Model X and Model S vehicles by 12 to 26 percent, stating that it was “absorbing a significant part of the tariff to help make cars more affordable for customers in China.” Then this month, Tesla cut Model X and Model S prices again, citing China’s decision to temporarily suspend a new 25 percent tariff on American-produced vehicles and auto parts as the two countries reached a ceasefire in the trade war.

In October, Tesla announced on its site that if U.S. customers needed to order a Model S, Model X, or Model 3 before October 15 if they wanted the full $7,500 federal tax credit, which begins to phase out once a manufacturer sells 200,000 qualifying vehicles in the U.S. (Tesla hit that milestone earlier this year). As a result, the federal tax vehicle will be cut 50 percent to $3,750 for vehicles delivered January 1 to June 30, 2019, before behing halved again on July 1.

On Sunday, Musk tweeted in response to a question that if a customer’s pre-December order isn’t delivered before the end of the year, Tesla will reimburse the tax credits they missed out on.

If Tesla committed delivery & customer made good faith efforts to receive before year end, Tesla will cover the tax credit difference

Elon Musk (@elonmusk) December 22, 2018

After months of production and delivery delays, Tesla ramped up fulfillment of Model 3 orders in the third quarter of this year, when it delivered a total of 83,500 vehicles, including 55,840 Model 3 units.

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Tesla's Model 3 doesn't come with a key

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This might take a little getting used to.

After months and months of anticipation, Elon Musk has finally answered almost all of our questions about the Model 3. But there’s one aspect of the electric car that might take a little more adjustment: there is no key for the Model 3. 

To be clear, this is not the same as the “keyless” systems, which require some kind of key fob, and it’s not the app-enabled remote starting some automakers offer. No, the Model 3 doesn’t require any kind of “key” or physical object other than your smartphone. Read more…

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Elon Musk just gave us our first real look at the Tesla Model 3

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The Tesla Model 3 is finally here. 

After months of hype, a bonkers production plan, and multiple prototypes spotted zooming around California, Tesla CEO Elon Musk revealed the first production Model 3. 

Production unit 1 of Model 3 is now built and going through final checkout. Pics soon.

— Elon Musk (@elonmusk) July 9, 2017

First Production Model 3 pic.twitter.com/TCa2NSUNI3

— Elon Musk (@elonmusk) July 9, 2017

pic.twitter.com/is6Hthjjoj

— Elon Musk (@elonmusk) July 9, 2017

The first Model 3 was slated to be finished to cap off the first week of the month, but the early July start is still about two weeks ahead of Tesla’s adjusted schedule. That’s great news for the hundreds of thousands of Tesla fans who have placed a reservation since March 2016, when pre-order totals reached over 134,000 in just over 24 hours.     Read more…

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Elon Musk says first Model 3 will exit the factory Friday

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Tesla’s affordable mid-size electric sedan, the Model 3, is ready for production, and the first car (Musk calls it SN1 which likely means serial number 1) will be completed on Friday. 

That’s according to Elon Musk, who shared the news on Twitter, explaining the Model 3 passed “all regulatory requirements for production two weeks ahead of schedule.” 

Musk also tweeted that he plans to throw a “handover party” for the first 30 Model 3s to be handed to customers on July 28. He says that production will grow “exponentially,” meaning the company should be producing 100 cars in August, more than 1,500 in September, and 20,000 in December.  Read more…

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Apple ARKit user puts a color changing Tesla Model 3 in his driveway before the car's release

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Elon Musk is working hard to make Tesla vehicles everyone can afford, but the only available versions of the tech-centric electric vehicle are still too pricey for some of us — but not in augmented reality! 

That’s what one Norway-based 3D designer decided when he used Apple’s new ARKit to create his own augmented reality version of the upcoming Tesla Model 3. 

Posting a video of the ARKit-created app on Twitter on Saturday, creator Jelmer Verhoog show off how it allows you to choose the color of your Model 3 while seeing how it looks in your own driveway.  Read more…

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Elon Musk: Tesla Model 3 won't come with a 100 kWh battery

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If you wondered just how big a battery will Tesla pack into its upcoming Model 3 electric car, we’ve got some bad news for you: It won’t have a 100 kWh capacity like some Model S and Model X models.

Elon Musk confirmed that in a reply on Twitter on Tuesday, explaining that the Model 3’s wheelbase just can’t fit such a big battery. 

@jovanik21 @Veidit No, will be lower. Wheelbase can’t fit 100.

— Elon Musk (@elonmusk) February 7, 2017

Musk did not say exactly how big a battery the Model 3 will have. The Model S is available with either a 60, 75, 90 or a 100 kWh battery, so it’s likely the Model 3 with come with one of the lower three options. In the car’s initial announcement in March 2016, Tesla said the car will have a minimum 215-mile range.  Read more…

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