[ad_1]
"We are about to have the most beautiful quarter of our history" You're here (NASDAQ: TSLA) CEO Elon Musk said in a letter to employees posted on the electric car maker's blog soon after market close on Friday. The letter served as an update on the company, giving an overview of the trends in vehicle production and sales and even the sale of new products.
Here are some things to remember about the update:
Model 3. Image Source: Tesla.
1. Musk to employees: ignore the media
There has been no shortage of Tesla securities recently. To name a few, Musk planned to take Tesla privately in August, sharing the news in a controversial tweet. Later in the month, the CEO said that he had decided that Tesla should remain public. More recently, Tesla made the headlines when his accounting director resigned.
In his letter to employees on Friday, Musk urged them to ignore the media:
For a while, there will be a lot of noise and noise in the media. Ignore them. The results are what matters and we create the most breathtaking growth in the history of the automotive industry. Even the Ford Model T, which held the world's fastest-growing car record in history, has not grown as fast in terms of sales or production as the Model 3 .
2. Vehicle production soars
During the update, Musk noted that the company is building and delivering "more than twice as many cars as last quarter."
This is a significant achievement as Tesla delivered a record number of vehicles in the second quarter. Thanks to strong growth in production and model 3 shipments, Tesla's second-quarter shipments increased 85% year-over-year and 36% sequentially. A doubling of Tesla 's third quarter shipments would mean shipments more than tripled from the same quarter of the previous year.
It should also be noted that this Musk forecast suggests that the company is on track to meet its forecast for vehicle deliveries during the quarter.
3. Tesla teases new products
Musk used the letter as an opportunity to create a buzz for Tesla's product line.
In addition, we also have the most exciting new product line of any company in the world. There is the Y model, the pickup truck, the semi and the new roadster. Then there is the solar roof, which speeds up its production and the continuous progress in the Powerwall and Powerpack systems.
But Musk also left employees with some cryptic comments on unannounced products, saying, "And that's exactly what people know about …"
4. Seven executive changes
Most of the Musk update was devoted to developing some promotions and changes in management.
- Jerome Guillen has been promoted to president of the company's entire automotive operations.
- Kevin Kassekert has been promoted to Vice President of People and Places, where he is responsible for Human Resources, Facilities, Construction and Infrastructure Development.
- Chris Lister is promoted to vice president of Gigafactory operations of the company.
- Felicia Mayo has been promoted to Vice President to lead Tesla's human resources and diversity and inclusion programs, reporting directly to Musk and Kassekert.
- Laurie Shelby, vice president of Tesla's environmental, health and safety (EHS) efforts, will report directly to Musk.
- Cindy Nicola, Vice President Global Recruitment at Tesla, will report to Kassekert and Musk.
- Dave Arnold has been promoted to Senior Director of Global Communications, where he will oversee the Tesla Communications team.
Investors will receive a more detailed update on Tesla's recent progress after the end of the quarter. The automaker will release its quarterly update of vehicle deliveries and production in the early days of October.
In its letter to shareholders in the second quarter, Tesla expects to produce between 50,000 and 55,000 model 3 units in the third quarter, with total vehicle deliveries being even higher. Tesla also predicted that he would report a profit in the third and fourth quarters.
[ad_2]
Source link
