Musk not anxious about Tesla Model 3 demand, but Wall St. is

Musk not anxious about Tesla Model 3 demand, but Wall St. is

Tesla also said that while its "delivery and logistics systems continued to progress" in the fourth-quarter, there remained "room for more improvement".

During Wednesday's fourth-quarter earnings call, Musk shared more about the newest electric auto to complement the Model S, X, and 3 cars.

The past year has been a volatile one for the company, marked by Musk's "funding secured" tweet last summer, in which he expressed a desire to take Tesla private. In this, it'll be something more aligned with the Model X SUV's pricing.

To start, the Shanghai factory will build 3,000 Model 3s per week, while production at Tesla's Fremont plant will rise to 7,000 Model 3s per week by year's end, the company estimated.

Tesla said plans to lower the price of the Model 3 were contingent on quickly building its factory in China.

In the fiscal fourth quarter, the company's free cash flows increased to $910 million, better than the $881 million it had posted in the third quarter.

Chief Executive Elon Musk touted strong demand for the Model 3, as the company begins to ship the vehicle to Europe and Asia from its Fremont, California factory.

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The company, which is striving to stabilize production and deliver consistent profit, ended the quarter with $4.3 billion in cash and said it had "sufficient cash on hand" to pay a $920 million convertible bond maturing in March. "The demand for Model 3 is insanely high".

Excluding items, Tesla earned $1.93 per share, missing expectations of $2.20 per share, according to IBES data from Refinitiv.

FBN's Susan Li reports on Tesla's fourth-quarter earnings.

"We are planning to continue to produce Model 3 vehicles at maximum production rates throughout 2019".

Tesla's total revenue rose 5.9 percent to $7.23 billion, beating the analyst average estimate of $7.08 billion.

Following Elon Musk's recent warning of a "very difficult" time ahead for Tesla, the electric auto maker on Wednesday reported a much smaller profit for the fourth quarter than it saw during the previous three months. This projection is slightly behind schedule when compared to Musk's previous commentary in mid-2017, when he had asserted that investors should have "zero" doubt that Model 3 production would hit 10,000 per week in 2018.

Elon Musk, the company's CEO, said earlier this month that the company was targeting a small profit this quarter.

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