Tesla Motors, a Silicon Valley-based electric carmaker recently admits its failure to meet this year’s delivery expectations for its Model S sporty hatchback. Because of this, the company is once again going through its year revenue guidance and short term production marks.
Basing on the company’s production goals, analysts had initially forecasted Tesla to generate around $80 million in third-quarter sales but because of the delay, the firm is revising it down between $44 million and $46 million, instead.
Tesla Motors Inc., in its filing with the Securities and Exchange Commission on Tuesday disclosed its failure to meet prior goal of producing 400 Model S vehicles per week, due to some supplier issues. This lag thus put the company roughly five weeks behind its original delivery expectations for 2012.
According to the Palo Alto, California-based automaker, they have managed to roll only 255 auto-vehicles off the assembly line, to date. From this number, 132 have been delivered to their new owners.
Apart from supplier delays, Tesla Motors also pointed the company’s prior pace that was intentionally measured to warrant quality output.
Prior to this, Musk and Co. forecasted of reaching its goal to manufacture 400 vehicles a week before this year ends, and overall 20,000 by the end of 2013. But given the unexpected circumstances, the automaker has to make some alterations on the number of vehicles it expected to roll out as scheduled.
Such manufacturing delay also has pushed the firm to reduce its revenue expectations by utmost $200 million. As verged on, profits will degenerate anywhere between $400 million and $440 million this year. Tesla Motors is therefore raising around 5 million shares of stock for sale, in an attempt to generate supplementary cash to its chest.
As Tesla had said on its prior announcement, the Model S is an extremely advanced car that “sets a new standard for premium performance.” With the proven advanced electric Tesla powertrain entrenched at the heart of each unit, the Model S auto is expected to deliver both extraordinary range and an exhilarating driving experience to its future owners, providing them quality ride of a sedan.
Initially priced between $50,000 and $100,000 or more, the luxury hatchback Model S can accommodate five adult seats. Potential buyers though are prompted about price variations depending on the auto’s trim level and options.
Deliveries for Tesla’s Model S Premium Electric Sedan began fall of 2012 while the Model S Signature Limited Edition going on.