Tesla Pushes Model X Production Back A Year

0
Tesla Pushes Model X Production Back A Year
Blomst / Pixabay

Tesla Motors Inc (NASDAQ:TSLA) has announced that it will delay the start of production of its Model X by one year. The automaker made the announcement in its annual report, which was filed on Thursday. The news comes less than a month after the controversy involving a reporter’s review of the Model S. Tesla Motors Inc (NASDAQ:TSLA) released the logs from the reporter’s trip not long after the article was released, showing that the trip didn’t happen exactly as the reporter had said.

Play Quizzes 4

Tesla Pushes Model X Production Back A Year

Tesla had previously been planning to begin production on the Model X later this year. The company’s report now says production won’t begin until late next year. It also says that Tesla Motors Inc (NASDAQ:TSLA) has met a steady production rate of 20,000 vehicles per year for its Model S.

London Value Investor Conference 2022: Chris Hohn On Making Money And Saving The World

Chris Hohn the founder and manager of TCI Fund Management was the star speaker at this year's London Value Investor Conference, which took place on May 19th. The investor has earned himself a reputation for being one of the world's most successful hedge fund managers over the past few decades. TCI, which stands for The Read More

The company told CNET that there is currently a waiting period of about nine months for consumers who want to order the Model S. The automaker is now working at shortening that fulfillment period to about three months.

The Model X is a crossover electric vehicle which was designed with a platform somewhat like the Model S, although it will have four-wheel drive. Also the range of the Model X will be shorter than the Model S’ range because of the different shape of the vehicle and the heavier weight.

Tesla did not explain why it was delaying production on the Model X, although the company has now been producing the Model S long enough to have learned some lessons about how to produce electric vehicles.

Shares of Tesla Motors Inc (NASDAQ:TSLA) rose almost 2 percent in Monday trading and continued edging higher in after-hours trades.

Updated on

Michelle Jones is editor-in-chief for ValueWalk.com and has been with the site since 2012. Previously, she was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Email her at Mjones@valuewalk.com.
Previous article Research In Motion Ltd (BBRY) Shares Rise On Possible Lenovo Deal
Next article Jeremy Siegel: Dow 18,000 Next Year ‘Best Bet’ [VIDEO]

No posts to display