Tesla Inc. filed its annual report, pledging to deliver on its promises and expectations for the year and setting the initial price for the privatization and restructuring saga of last year.
As part of its cash and non-cash expenses last year, Tesla
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The $ 36.6 million is due in part to costs related to the layoffs, $ 55.2 million for the restructuring of its energy business and $ 30.1 million for settlement and legal fees related to the privatization tweet of the CEO, Elon Musk, which resulted.
Much of the document was a standard procedure, but here are some of the highlights of the 198-page document filed Monday with the Securities and Exchange Commission.
Model 3 highlights
The document mentions model 3 more than a hundred times, and much of the additions this year relate to the consumer sedan that Tesla hopes to offer for $ 35,000.
This price promise appears on the document, but Tesla still says that the price level will be reached in the indefinite future.
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"We are now starting model 3 delivery in international markets and are focusing our efforts on reducing manufacturing costs while continuing to increase production rates," Tesla said.
The company said the model 3 and its drive units are "high volume" and pointed out that the sedan was the best-selling premium vehicle in the United States in 2018.
Tesla reiterated its intention to bring Model 3 production to a "sustained rate" of 7,000 vehicles per week by the end of 2019.
Including the Shanghai factory under construction, this rate would rise to 10,000 per week and eventually to an annualized production of more than 500,000 Model 3 vehicles "between the fourth quarter of 2019 and the second quarter of 2020" , said Tesla, according to when the Shanghai factory goes online.
Vehicles of the future
Tesla has slightly changed its language around its next vehicles, saying that among the 100% electric vehicles it will introduce, the model Y, the semitrailer, a van and a new version of the Tesla Roadster.
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Model Y is thought to be a compact SUV, a popular segment of American consumers. In its Monday document, the company reiterated its promise that the Y model's production ramp would be "significantly faster" than Model 3 and would cost less, as the future compact SUV will share about 75 percent of its components with the model 3.
Musk talked about the van in the past, especially during an interview with Recode in November, in which he kept the secret on the details of the van, but said it would be "a really futuristic van like the cyberpunk, the "Blade Runner". with "a lot of titanium."
Solar energy is gaining ground
Tesla said that residential solar "is gaining momentum" and that it intends to increase the production of its solar roof this year. It also plans to introduce financial services, possibly direct loans, for future Solar Roof customers.
However, the group also indicated that it was installing solar roofs "at a slow pace" as it was learning more about the design and installation processes.
Tax credits are gradually disappearing
US tax credits for Tesla electric vehicles were cut in half to $ 3,750 in the first half of 2019 and will be further reduced to $ 1,875 in the second half of the year, but Tesla said he did not believe it was safe. expect the phasing out to have a "significant impact" on the country. its long-term sales.
"We believe that this phasing out has likely resulted in demand for certain vehicles in 2018 and could create a similar pull-forward in 2019 before each further reduction in federal tax credit," Tesla said. Tesla's vehicles offer "a compelling proposal even without incentive," he said.
No investigation in progress
Tesla said that apart from the settlement with the SEC regarding the privatization tweet of Musk, "no government agency, as part of an ongoing investigation, concluded that a wrongdoing had been committed".
However, he followed this statement with the usual warning that he could be subject to prosecution and other penalties if the SEC, the Department of Justice or any other government agency were to take legal action in the future.
Tesla shares have lost 8% over the past 12 months, in contrast to gains of about 1.8% for the S & P 500 Index.
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