Tesla Says Model 3 On Track For Volume Production By September [Fortune]
Tesla, Inc. (TSLA)
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Source: Fortune
Tesla Inc. posted a smaller quarterly loss and said its mass-market Model 3 sedan was on track for volume production by September. The electric car maker said it expected to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017. The company said it planned to invest between $2 billion and $2.5 billion in capital expenditures ahead of the start of Model 3 production. Tesla's shares rose 1.6% to $277.89 after the bell on Wednesday. The company has been investing heavily on production of its latest models and in its $5 billion gigafactory, which makes lithium-ion battery cells in Nevada. Given Tesla's elevated stock price, many analysts believe Tesla will seek a capital raise in coming months. The company, led by billionaire entrepreneur Elon Musk, is betting big on Model 3 to help meet its goal of producing 500,000 cars annually in 2018. Total operating costs rose 46.6% to $702 million in the latest quarter. The company's results include
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