Tesla’s Model X is still nowhere close to mass production, and this is despite the fact that the company first showed the car in 2012. But it turns out that Tesla is not the only car maker that is facing such issues. There are many brands that are doing even worse.
Same rivals doing poorly
So far, Tesla is known to have delivered around 13 units, and there is no information on when and how quickly the EV firm will be able to ramp up production. As per a list from EV Obsession, Tesla is not the only one to go slowly, as there are many other car makers that are having a hard time selling their EVs.
The first London Value Investor Conference was held in April 2012 and it has since grown to become the largest gathering of Value Investors in Europe, bringing together some of the best investors every year. At this year’s conference, held on May 19th, Simon Brewer, the former CIO of Morgan Stanley and Senior Adviser to Read More
In November, Tesla sold just five Model Xs, and rival Mitsubishi was able to sell just four units of its i car. On the other hand, Honda sold just one unit of the Accord PHEV and was not able to sell a single unit of its Fit EV during the same period.
Even though November was an overall bad month for EVs, Tesla did manage to push its sales up on a month over month basis. The jump can be attributed to the addition of a second line to its Fremont plant for the production of the Model S.
When will Tesla ramp up Model X sales?
There is one question that is concerning all investors, and that is when Tesla will be able to ramp up sales and production of the Model X. Considering the low shipment volume so far, the firm is unlikely to ship 1,200 Signature Model Xs in the fourth quarter. Also there is no information on when the company will be able to get the wait time to a reasonable level.
In November, the company did open its online design studio for non-Signature bookings of the Model X, but the EV firm gave no information on when it will be able deliver these cars. Elon Musk has acknowledged that producing the Model X is not an easy task.
A major issue appears with the Model X’s second row of seats, which according to Musk is a “sculptural work of art. The company has been facing trouble in getting a third party to assemble them. To address the issue, Tesla has started making seats in-house, and it is still to get an expert in it.
On Friday, Tesla shares closed down 1% at $230.38. Year to date, the stock is up by over 3%, while in the last one month, it is down by almost 1%.