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More on Tesla: A Q1 profit is now expected; company had previously guided for a late 2013...
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Wednesday, February 20, 4:50 PM ETMore on Tesla: A Q1 profit is now expected; company had previously guided for a late 2013 profit, and the Q1 EPS consensus is -$0.13. Over 2,750 Model S units were produced in Q4 vs.~350 in Q3. 2,400 units were delivered, up from 253 in Q3; 20K deliveries expected in 2013. Net reservations at end of Q4 totaled 15K, up 2K from end of Q3. Company plans to open 15-20 new stores/galleries and double service locations in 2013. Gross margin was 8% vs. -17% in Q3, expected to hit 25% in 2H. Opex +29% Y/Y to $114.7M. TSLA -5.7% AH. CC at 5:30PM ET (webcast). (PR)
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"Converting these reservations to firm, non-refundable orders increased cancellations, as expected. After deliveries and
cancellations, our net reservations at year end, were over
15,000, up from about 13,000 at the end of Q3. New
reservations continue at a steady, although slower pace in
Q1 2013, as compared to December, due in part to the pull
ahead of reservations into Q4 by customers seeking to
avoid the price increase. Q1 cancellations are likely to
remain elevated as the remaining older reservation holders
are invited to configure their vehicles within a set time frame
or pay the higher price just like new reservation holders.
congrats on the car my family member who got theirs in December is head over heals with it so far.