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Elon Musk at the Model 3 event last year.Credit: Tesla
Tesla CEO Elon Musk made this week about the Model 3 during the October 24 third-quarter earnings conference call.
Anything Musk says about the FBI probe, as reported on Friday by the Wall Street Journal (Forbes story here).
Musk's opening remarks: Model 3 is "best selling" sedan in the U.S. (via Tesla webcast *).
We delivered a total of 84,000 vehicles globally, which is more than 80% of the vehicles we delivered in all of 2017. In fact, we delivered more in 2016 than we did in a single quarter.
The Model 3 Becomes the Best-Selling Car in US in terms of revenue and the best-selling fifth in terms of volume … and achieved a greater than 20% gross margin for Model 3 … and Model 3 received a 5 -Star Safety Rating in every category and sub-categories ….
And we're excited about the Model 3 to Europe and China early next year, given that the market for mid-sized premiums in North America.
Musk on the $ 35,000 Model 3:
And since we just do not have the ability to get to the $ 35,000 car right away, we thought this could be [mid-range model]. And that's really it. We expect to start producing a large volume for Europe in January … [Asia Pacific] in Q1, but certainly in Q2.
It's like if we can produce the $ 35,000 car today, we would do it. There is more work to do before we can make $ 35,000 because it has a positive gross margin. We're probably less than six months from that but that's our mission.
Musk on global demand for the Model 3 versus the BMW 3 Series:
What is the global demand for Model 3? It's probably in the order of anywhere from 500,000 to a million cars a year.
If we're talking … the [BMW] 3 series, that's around half a million a year globally. And generally, we find that we are going out of the BMW 3 series quite well.
Musk on Overseas Production of the Model 3:
We're definitely going to do local production in China … certainly next year. But it will be done in a very efficient manner, much more than a general assembly line 4 versus general assembly line 3. And then, we will also have a factory in Europe long-term because it's pretty silly to make cars in California and ship them all to Europe.
I'm not talking about the S and X. I'm just talking about the 3. So S and X will continue to be made in California. I think probably always here.
Musk on Model 3 weekly production rates:
We can do 7,000 a week … then it gets a little harder as you start to go above 7,000. We would need [to] bring the lines down in Fremont for significant upgrades to get to 10K.
Long-term it's … out of 7,000 to 10,000 cars from Fremont of Model 3, and then, I do not know, 5,000 to 8,000 in the rest of world, something like that. This is a guess.
What kind of cars are (Tesla Martin Viecha and Musk):
Viecha:
So I've done the analysis of all the trade-ins that we've received. And really the only pattern that I have seen is that, it is not a premium brand. I think it's the number one message, it's just more than half of the trade-ins we've received below $ 35,000 when new.
Musk:
For many people it is the most expensive because they've bought it. So they are clearly demonstrating with their money that they are willing to spend extra money to get Tesla.
Tesla Model 3.Credit: Tesla
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SELECTED QUOTES ON HARDWARE 3, AUTOPILOT AND SELF-DRIVING:
Stuart Bowers on Autopilot: Autopilot feature ever, Navigate on Autopilot In our last release, we launched a new set of neural networks that … provide a view of everything happening around the car. We will use the information to understand exactly where we are, and we will take care of it.
(Musk tweeted this on Friday: "Tesla Autopilot Drive on North America tonight. ")
Elon Musk on Hardware 3 due to the end of the first quarter: "That will be roughly 1000% increase in processing capability compared to the current hardware … Cost, volume and power consumption are the same as the current hardware but it's a ten-fold improvement in frames per second.
"The only thing that needs to change is that it is produced today and a car, let's say, produced in the second half of the year is swapping out the Autopilot computer. service to upgrade the computer. "
Elon Musk on Full Self Driving: "And so, anyone will be able to upgrade their business to full self-driving capability.
"But … we took [full self driving] off the order menu, just because … it was really creating a lot of friction in the sales process and people did not understand the difference between Enhanced Autopilot and full self-driving. So just to simplify the process, we took that off. But anyone who asks for it can certainly get it. "
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Tesla's Investors Page 1 The above text is published on the webcast.
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Elon Musk at the Model 3 event last year.Credit: Tesla
Tesla CEO Elon Musk made this week about the Model 3 during the October 24 third-quarter earnings conference call.
Anything Musk says about the FBI probe, as reported on Friday by the Wall Street Journal (Forbes story here).
Musk's opening remarks: Model 3 is "best selling" sedan in the U.S. (via Tesla webcast *).
We delivered a total of 84,000 vehicles globally, which is more than 80% of the vehicles we delivered in all of 2017. In fact, we delivered more in 2016 than we did in a single quarter.
The Model 3 Becomes the Best-Selling Car in US in terms of revenue and the best-selling fifth in terms of volume … and achieved a greater than 20% gross margin for Model 3 … and Model 3 received a 5 -Star Safety Rating in every category and sub-categories ….
And we're excited about the Model 3 to Europe and China early next year, given that the market for mid-sized premiums in North America.
Musk on the $ 35,000 Model 3:
And since we just do not have the ability to get to the $ 35,000 car right away, we thought this could be [mid-range model]. And that's really it. We expect to start producing a large volume for Europe in January … [Asia Pacific] in Q1, but certainly in Q2.
It's like if we can produce the $ 35,000 car today, we would do it. There is more work to do before we can make $ 35,000 because it has a positive gross margin. We're probably less than six months from that but that's our mission.
Musk on global demand for the Model 3 versus the BMW 3 Series:
What is the global demand for Model 3? It's probably in the order of anywhere from 500,000 to a million cars a year.
If we're talking … the [BMW] 3 series, that's around half a million a year globally. And generally, we find that we are going out of the BMW 3 series quite well.
Musk on Overseas Production of the Model 3:
We're definitely going to do local production in China … certainly next year. But it will be done in a very efficient manner, much more than a general assembly line 4 versus general assembly line 3. And then, we will also have a factory in Europe long-term because it's pretty silly to make cars in California and ship them all to Europe.
I'm not talking about the S and X. I'm just talking about the 3. So S and X will continue to be made in California. I think probably always here.
Musk on Model 3 weekly production rates:
We can do 7,000 a week … then it gets a little harder as you start to go above 7,000. We would need [to] bring the lines down in Fremont for significant upgrades to get to 10K.
Long-term it's … out of 7,000 to 10,000 cars from Fremont of Model 3, and then, I do not know, 5,000 to 8,000 in the rest of world, something like that. This is a guess.
What kind of cars are (Tesla Martin Viecha and Musk):
Viecha:
So I've done the analysis of all the trade-ins that we've received. And really the only pattern that I have seen is that, it is not a premium brand. I think it's the number one message, it's just more than half of the trade-ins we've received below $ 35,000 when new.
Musk:
For many people it is the most expensive because they've bought it. So they are clearly demonstrating with their money that they are willing to spend extra money to get Tesla.
Tesla Model 3.Credit: Tesla
—-
SELECTED QUOTES ON HARDWARE 3, AUTOPILOT AND SELF-DRIVING:
Stuart Bowers on Autopilot: Autopilot feature ever, Navigate on Autopilot In our last release, we launched a new set of neural networks that … provide a view of everything happening around the car. We will use the information to understand exactly where we are, and we will take care of it.
(Musk tweeted this on Friday: "Tesla Autopilot Drive on North America tonight. ")
Elon Musk on Hardware 3 due to the end of the first quarter: "That will be roughly 1000% increase in processing capability compared to the current hardware … Cost, volume and power consumption are the same as the current hardware but it's a ten-fold improvement in frames per second.
"The only thing that needs to change is that it is produced today and a car, let's say, produced in the second half of the year is swapping out the Autopilot computer. service to upgrade the computer. "
Elon Musk on Full Self Driving: "And so, anyone will be able to upgrade their business to full self-driving capability.
"But … we took [full self driving] off the order menu, just because … it was really creating a lot of friction in the sales process and people did not understand the difference between Enhanced Autopilot and full self-driving. So just to simplify the process, we took that off. But anyone who asks for it can certainly get it. "
—-
Tesla's Investors Page 1 The above text is published on the webcast.
