_production Model Y is likely to be steamed

Jan

31

2019

by the end of 2020
Elon Musk has said in an explanation of the quarterly figures that the Model Y is likely to be produced in significant quantities by the end of 2020. The Model Y is an unofficial name for what an electric crossover should be.

Elon Musk, the CEO of Tesla, reports in the notes to the quarterly figures that the manufacturer is busy collecting the parts and instruments needed for production. He expects that the production of the Model Y can start at the beginning of next year, which will still be in very low volumes. The production system will then gradually be further increased, which according to Musk always takes the necessary time. By the end of 2020 there should be volume production .

The Model Y to be revealed is based on the platform of the Model 3: it shares three quarters of the parts with the Model 3. Musk says it expects the Model Y to become much more popular compared to the Model 3. According to the CEO, this segment of medium-sized SUVs is the most popular in the world, so that Musk thinks that more Model Ys than Model 3s will eventually be produced. The Model Y will not be made at the Fremont factory next to the S, X and 3, but will probably have its own production line at Gigafactory 1 in Nevada.

Musk also hinted that the Tesla electric pick-up truck might be unveiled in the summer of this year. According to the CEO, this vehicle is ‘fairly unique, which looks nothing like other vehicles’. Last year Musk talked about a futuristic, Blade Runner and cyberpunk-like appearance.

For some time the production of the Model 3 was a problem child, but since the end of 2018 the problems are largely over. In 2018, a total of 140,000 copies of the Model 3 were sold and the model was the best-selling premium vehicle in the US. In December, the highest volume per week was achieved, although the company reports no numbers. According to Tesla, a stable production number of 7000 Model 3’s per week will be achieved by the end of this year. The first copies of the Model 3 will be handed over to European customers in March.

The quarterly figures show that Tesla made a profit of 139.5 million dollars in the fourth quarter of 2018. That is significantly better than the result from the fourth quarter of 2017, when there was a loss of 675 million dollars. The current profit figure is lower than the $ 311.5 million that the company could describe as profit in the third quarter of last year. Throughout 2018, Tesla still suffered a loss of 976 million dollars, although the loss in 2017 was 1.96 billion dollars a lot bigger. Revenue amounted to 7.23 billion dollars in the past quarter, compared to 3.29 billion a year earlier. Sales for the whole of 2018 were $ 21.5 billion; in 2017 that was 11.8 billion dollars.

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