Show #598

 

Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Wednesday 2nd October 2019. It’s Martyn Lee here and I go through every EV story to save you time.

 

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TESLA (TSLA) REPORTS RECORD Q3 PRODUCTION AND DELIVERY NUMBERS

“Tesla (NASDAQ:TSLA) has formally released its production and delivery for the third quarter of 2019. Between July to September, Tesla produced a total of 96,155 vehicles, while delivering approximately 97,000 electric cars in both the United States and other territories.” reports Teslarati: “”Tesla stated that it had produced a total of 16,318 Model S and Model X during Q3 2019, while Model 3 production was at 79,837 units. A total of 17,400 Model S and X and 79,600 Model 3 were delivered in the third quarter as well.  Prior to the release of Tesla’s Q3 2019 production and delivery results, Wall Street analysts estimated an average of 94,422 deliveries for the third quarter, comprised of 17,591 Model S and X, and 76,831 Model 3.”

 

From Tesla: “In addition, we achieved record net orders in Q3 and are entering Q4 with an increase in our order backlog. As was also the case in Q2, nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand. We are continuing to focus on increasing production to meet that demand.”

 

Tesla (TSLA) reports record Q3 production and delivery numbers

 

TESLA ANNOUNCES RECORD DELIVERIES OF 97,000 CARS IN Q3

From Electrek: “Over the last week, we have been reporting that CEO Elon Musk told employees in an email that Tesla “has a shot” at delivering 100,000 vehicles during the third quarter. Tesla was in a full force end-of-the-quarter delivery push, but a day before the end of the quarter, sources told Electrek the automaker was “a few thousand” cars short of the goal.”

 

Their take on it: “Also, based on what we know in terms of net orders, it is clear that the missed goal is not a demand problem. It’s a production and logistics problem, which is going to be partly fixed by the start of production at Gigafactory 3. It’s going to increase Tesla’s overall production capacity and free up some capacity in Fremont for a quicker turnaround in markets outside of China.”

 

Tesla announces record deliveries of 97,000 cars in Q3

 

TESLA’S STOCK PLUNGES AS WALL STREET GIVES THUMBS-DOWN

From Yahoo! Finance: “Investors unimpressed by the record number of cars Tesla’s (TSLA) produced last quarter sent its stock reeling, which shed over 5% on Thursday as Wall Street questioned the car maker’s valuation and ability to turn a profit. However, the results fell short of some of Wall Street’s more rosy estimates, and the 100,000 mark CEO Elon Musk reportedly told employees was a real possibility. Although the company has boosted overseas deliveries and incentivized sales, Tesla remains dogged by doubts about its cash flow and ability to sustain production.”

 

User Gyro said: “Factset has analysts estimate of 96K. Then after Musk ” hopes” for 100K the estimate magically increases to 99K. So Tesla “misses” revised estimate but beats original. It is enlightening to understand how these experts derive their numbers.”

 

https://finance.yahoo.com/news/teslas-stock-plunges-after-record-deliveries-in-q3-145419176.html

 

TESLA’S Q3 ELECTRIC CAR DELIVERIES SET ANOTHER RECORD

“Tesla’s record-setting second quarter deliveries weren’t a fluke, it seems. The EV builder has broken the record again with its initial delivery estimates for the third quarter, with about 97,000 cars reaching customers over the summer.” reports Engadget: “And crucially, these are newcomers adding to Tesla’s ranks. Much like in Q2, “nearly all” of the 79,600 Model 3s delivered in the period went to customers who didn’t hold a reservation. That’s a sign of “strong organic demand,” if you ask Tesla.”

 

https://www.engadget.com/2019/10/02/tesla-q3-deliveries-set-record

 

TESLA FALLS SHORT OF 100,000 VEHICLE DELIVERIES IN Q3

“Tesla CEO Elon Musk had hinted the electric carmaker could reach 100,000 vehicles delivered in the third quarter. As they say, it was close, but no cigar.”according to CNET.

 

https://www.cnet.com/roadshow/news/tesla-production-deliveries-q3-model-3/

 

TESLA SETS ANOTHER NEW DELIVERY RECORD, THANKS TO THE MODEL 3

“Setting back-to-back delivery records is significant, if not unexpected, since Tesla got off to such a relatively slow start in 2019. But that progress should help mute concerns that the company was both exhausting demand for the Model 3 in North America (after selling so many in 2018) as well as struggling to establish a presence for the car in new markets like Europe and China.” writes The Verge: “Musk told employees in a leaked all-staff email sent last week (before the end of the third quarter) that the company had “a shot” at breaking the 100,000 vehicle delivery mark, which he called “an incredibly exciting milestone.” In the email, Musk asked Tesla employees to rally resources to try and hit the mark — the kind of call to arms the CEO is now famous for making before the end of each quarter.”

 

https://www.theverge.com/2019/10/2/20893968/tesla-q3-deliveries-production-model-3-record-elon-musk

 

TESLA’S Q3 RESULTS AND WALL ST’S REACTION: WHEN RECORD DELIVERIES IS BAD NEWS

“the market’s reaction to Tesla’s Q3 results was unforgiving. TSLA stock dipped over 4% in after-hours trading following the company’s release of its record third-quarter results. Bearish outlooks were shared by analysts covering the company once more, and questions about the demand for Tesla’s vehicles were rekindled.” noted Teslarati: “With Tesla’s official delivery figures falling short of the 100,000 mark, it became pretty easy to frame the narrative as a disappointing quarter for deliveries. The numbers are anything but, especially considering that sales among veteran automakers in the United States experienced a difficult third quarter.  Japanese carmakers Toyota and Honda, two of the US’ leading Asian automakers, suffered double-digit declines that were worse than analysts anticipated. Ford, the maker of America’s most popular vehicle, also saw its sales sink by 4.9% year-over-year. Compared to these, Tesla’s 16.2% year-over-year improvement in deliveries is quite impressive.”

 

Tesla’s Q3 results and Wall St’s reaction: When record deliveries is bad news

 

VOLKSWAGEN TRUCK MAKER TRATON INVESTS BILLIONS IN E-MOBILITY

“Volkswagen’s commercial vehicle subsidiary Traton announced that its MAN, Scania and Volkswagen Caminhões e Ônibus (VWCO) brands would invest a total of more than one billion euros in e-mobility by 2025.” says elecrtrive: “Scania and MAN will use the new system for the first time in new series electric buses in 2020, and each brand may adapt the modular drive to application and image. Traton has also introduced a cross-brand development budget for electromobility and teams from all over the Group are working on the next generation of e-drive systems, battery management, and the compatible frame structure.”

 

https://www.electrive.com/2019/10/02/volkswagen-truck-maker-traton-invests-billions-in-e-mobility/

 

VOLVO XC40 ELECTRIC REVEALS FRONT TRUNK IN NEW TEASERS

“Ahead of its world premiere in just a couple of weeks, the electric Volvo XC40 is back for a second round of teasers revealing more details about the company’s first-ever EV. The eco-friendly crossover was actually first previewed back in 2016 with the 40.1 concept and now it’s getting reading to put on production-ready apparel with a design slightly different than the conventionally powered XC40.” says Motor1: “There’s another benefit to getting rid of the ICE as the electric motor occupies less space, therefore freeing up more room at the front and allowing the engineers to create a “frunk” with approximately 30 liters (1.05 cubic feet) of extra cargo volume. That might not sound like much, but it’s good enough to store some small items without having to open the regular load compartment at the back.”

 

https://www.motor1.com/news/374068/volvo-xc40-electric-new-teaser/

 

TODAY THE FEDERAL TAX CREDIT FOR CHEVY BOLT, VOLT DECREASED TO $1,875

“With the beginning of a new quarter, today (October 1, 2019), the available amount of the federal tax credit for all new General Motors cars (Chevrolet/Cadillac) sold in the U.S. decreased from $3,750 to $1,875 (25% of the full $7,500).” writes InsideEVs: ”          The new, lowered amount will stay available for the next two quarters (through the end of March 2020), after which GM plug-ins will no longer get any federal tax credit. There are no signs that any other manufacturer will be able to reach 200,000 by the end of 2020, which will place Tesla and General Motors at a significant price disadvantage of up to $7,500 (in case of BEVs).”

 

https://insideevs.com/news/373621/federal-tax-credit-chevrolet-decreased-1875/

 

 

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What have you named your electric car?

 

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