Thursday 3rd May 2018.


  • Model 3 production hit 2,270/week in April for the 3rd straight week over 2,000
  • Cash balance of $2.7 billion at the end of Q1
  • 2018 Capex projection reduced from >$3.4 billion to <$3 billion
  • Expecting positive GAAP net income and positive cash flow in Q3 and Q4 2018


We made significant progress on the Model 3 ramp in the second half of Q1, and the momentum continued into early Q2. 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.

Even at this stage of the ramp, Model 3 is already on the cusp of becoming the best-selling mid-sized premium sedan in the US, and our deliveries continue to increase. Consumers have clearly shown that electric vehicles are simply more desirable when priced on par with their internal combustion engine competitors while offering better technology, performance and user experience.

If we execute according to our plans, we will at least achieve positive net income excluding non-cash stock based compensation in Q3 and Q4 and we expect to also achieve full GAAP profitability in each of these quarters. This is primarily based on our ability to reach Model 3 production volume of 5,000 units per week and to grow Model 3 gross margin from slightly negative in Q1 2018 to close to breakeven in Q2 and then to highly positive in Q3 and Q4. Ultimately, the growth of Model 3 and the profit associated with it will help us accelerate the transition to sustainable energy even faster.

Consumers have clearly shown that electric vehicles are simply more desirable when priced on par with their internal combustion engine competitors while offering better technology, performance and user experience.

With increasing capacity for Powerwall and Powerpack products at Gigafactory 1, energy generation and storage revenues should continue to grow significantly throughout the year.

Shareholder letter here: 


  • Well moving on from Tesla, because other things happened in the world today! And Germany’s Daimler announced at a Stuttgart press conference that they have awarded a contract for EV battery cells to China’s Contemporary Amperex Technology Co. Limited – or let’s just call them CATL.
  • Daimler’s procurement executive Sabine Angermann wouldn’t elaborate on how many and when the contract will start delivering the cells. These could be cells for their Chinese models at the most basic level, keeping them domestically and being assembled for Daimler. Or the contract could include, as other have recently such as VW, some of the other parts required or even delivery of fully built batteries. It’s one to watch.



  • After talking yesterday about the Motiv chassis which coachbuilders will put trucks on top of, and even RV’s with investment they’ve had from Winnebago, more truck news now. And I love how trucks, being some of the biggest polluters, are getting the electric treatment.
  • However Country songs may never be the same again. Any fan of Country will know it’s all about your tractor backing up a two lane row, your powerstroke tearing up some dirt, or taking a girl out in your diesel pick up and kicking off your boots. Well all of the above still apply, but Country fans will have to get used to lyrics about kilowatt hours and regen braking! I’d love to hear that.
  • Roush has unveiled it’s new all electric Ford F-650 at the Advanced Clean Transportation (ACT) Expo in Long Beach, California.
  • Todd Mouw, president of ROUSH CleanTec said: “An electric battery option for medium-duty trucks and buses is a great fit as there is increasing demand in this gross vehicle weight range (GVWR) with very few OEM solutions”.
  • The lithium ion batteries go up to 225kWh giving those haulers 120miles of range, and although top speed isn’t the point of them, will hit 75mph.



  • Chronopost is a part of DPD, the parcel delivery company. And they’ve just announced running 100 new Voltia all-electric cans.
  • This is part of a plan to fully electrify their Paris deliveries and tackle the air pollution problems France has in it’s capital.
  • What is the Voltia though? They are a Solvakian company. The van starts life as a Nissan e-NV200 but doubles the cargo capacity and has rear access you can walk in. The new Nissan e-NV200 uses the upgraded 40kWh battery from the new LEAF, I’m assuming the AESC packs, but (and this is a big but) it has active thermal management on Acenta grades and above, according to a reply I saw on Twitter last from Nissan UK PR to one of their customers. Austria, the Czech Republic, Estonia, France, Germany, the Netherlands, Slovakia, Ukraine and the United Kingdom have Voltia vans on the road.



  • “China’s biggest electric vehicle company BYD gave investors a scare after posting an 83% fall in net profits for 2018’s first quarter, with further challenges in line for Q2” reports the China Economic Review: “The Warren Buffett-backed company also said it expects net profits to fall between 71% and 83% in the first half of the year compared with 2017…It attributed this dramatic fall in profits mainly to the ongoing cutbacks in government subsidies for EV companies in China”.



  • Sorry if you follow me on Twitter. I might have tweeted a LOT about this today. It’s a PHEV which is my excuse but it’s in no way a green car. It’s the new Porsche Cayenne E-Hybrid. It’s another tank-sized SUV and way more car than most people need, and lets get the green credentials up front.
  • It does 27 miles on pure EV – that’s EPA range though, so real life is less. All manufacturers will have to use WLTP rating soon so if they’re still using EPA, don’t take it as real world range. The electric motor then works with a turbo V6 gas engine. And thanks to that electric power, it’s for 516 lb-ft of torque from almost standstill. That’s ALL the torques.
  • There is an all electric mode, and there’s the E-Hold mode for when you’re heading into a city. Plus there’s E-Charge which will burn a few more of those friendly dinosaurs just to charge up the battery.



  • BMW has given the Mini a little refresh with new infotainment toys and other general updates, but the big update will be a change of powertrain next year. Here in the UK, in the city of Oxford, is where the Mini E will be built.
  • Although there has been an electric version of the go kart-like Mini, this will be a proper production version. Some parts will be made in Germany, such as the drivetrain made at BMW Group’s Dingolfing and Landshut plants.
  • We still only know production will be in 2019, but insiders point towards Quarter 3 next year.


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