Elon Musk confirms next Tesla Gigafactory will be in China

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But on Wednesday, Musk said manufacturing has actually been improved by taking some robots off the assembly lines. Autotrader's Michelle Krebs says it's a "make-it-or-break-it" year for Tesla.

Then Tesla forecast 10,000 Model 3s per month at the end of the first quarter.

The Model 3 is viewed as Tesla's first foray into what might be called moderately priced electric cars. During the first quarter of the year, Tesla burned through more than $745 million in cash, mostly due to efforts to ramp up production of the company's Model 3 sedan.

Talking about the Model Y, Musk said the auto would be a revolution in manufacturing. However, in after-hours trading shares nosedived, dropping by 5% or around $2.4 billion.

"Ultimately, the growth of Model 3 and the profit associated with it will help us accelerate the transition to sustainable energy even faster", the company buoyantly predicted.

For Q1 2018, Tesla reported a record loss of $709.6 million, ($4.19 per share) compared with a loss of $330.3 million ($2.04 per share) a year earlier and a $675 million loss in Q4 2017. "The truth is you're not a real company until you are [profitable]".

Russel, the YouTuber, asked why Musk would want to allow other vehicle brands to use Tesla's Supercharger stations, which the company has installed all over the country. "Prior to a planned shutdown in mid-April to further increase production, we produced more than 2,000 Model 3 vehicles for three straight weeks, and we hit 2,270 in the last of those weeks", Tesla said in a shareholder letter late on Wednesday.

"Sorry", Musk said, "these questions are so dry".

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Nevertheless, the loss was lower than what Wall Street analysts expected, while revenue also trumped estimates.

But when analysts wanted to delve into the details about gross margin, Musk brushed off the questions as "not cool" and "boring".

"This is primarily based on our ability to reach Model 3 production volume of 5,000 units per week", the company stated.

Tesla has predicted high sales and strong cash flow in the third quarter.

To continue to increase production while recovering from self-inflicted mistakes the company has been attempting to hire hundreds of new workers per week. Analysts had expected a loss of $3.58 per share, according to Thomson Reuters. The business's quarterly revenue was up 26.4% compared to the same quarter previous year.

The company said it ended the quarter with $3.2 billion in cash after spending $655.7 million in quarterly capital expenses. Maybe next quarter, but not later than fourth quarter for Model Y. We also expect to announce the location of a Tesla Gigafactory in China soon.

One example: Musk said Tesla had a very complex robot created to put fiberglass mats on top of the Model 3's battery packs. Vetr downgraded Tesla from a "strong-buy" rating to a "buy" rating and set a $327.47 price target on the stock.in a research report on Thursday, April 5th.