Tesla burns through record cash to bring the Model 3 to market

Tesla Motors CEO Elon Musk answers questions from Nevada Governor Brian Sandoval during the National Governors Association Summer Meeting in Providence

Since the start of the year, Tesla shares have gained 52 percent, as investors anticipate the launch of its first vehicle for a more mainstream consumer- Model 3.

During Tesla's recent quarterly earnings report, founder and CEO Elon Musk provided a rare update on the Model 3's pre-order count. And in July, weekly net order rate for Model S and Model X was about 15% higher than Q2 average weekly order rate. The demo, however, may occur early next year, Musk said during the company's second-quarter earnings call Wednesday.

Chief executive Elon Musk said last week that the company would go through at least "six months of manufacturing hell". It wants to increase that further to 10,000 vehicles per week sometime next year. "Last week stressed the hell out of me". All told, Tesla said it produced 25,708 vehicles in the second quarter. However, the Model 3 version with a 310-mile range has a $44,000 starting price tag, undercutting Musk's promise to deliver a cheap vehicle to the masses. At the same time, Model S and Model X orders have been increasing.

The company must consider its options quickly if it intends on satisfying customers' demands for the Model 3, a auto that has fascinated people because of its $35,000 price tag but that also lacks the range many motorists prefer. The automaker released its production ramp schedule, and according to it, those who ordered the most expensive models with premium features can expect priority, even if they ordered after buyers who ordered the base model.

Musk said in October that a Tesla will drive itself from Los Angeles to NY before the end of 2017. The electric vehicle company announced its latest financial results today, only days after holding a handover event in Fremont, CA for the first Model 3 owners to pick up their new electric cars. "This is version one". "I think [these numbers] are inconsequential".

What you might find in a Tesla store is someone trying to convince you to buy solar panels.

It's been an interesting week for electric vehicle manufacturing mammoth, Tesla (NASDAQ:TSLA), whose share price jumped almost 7 percent on Thursday (August 3), following the release of its Q2 results on Wednesday (August 2).



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