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Tesla curbs forecast due to Model S issues, losses total $864.9M

It ain't easy creating a brand-new automaker from scratch. The fact that Elon Musk and Tesla have actually been able to bring not one, but two cars to market is in itself quite impressive. That said, the road has not been without its bumps, and Tesla is feeling some of the setbacks that come with being a fledgling automaker.
To that end, Tesla has revealed that it expects $400 million to $440 million in full-year revenue, or roughly $160 million less than its prior 2012 revenue forecasts. In a Securities and Exchange Commission filing on Monday, the electric carmaker said "We have methodically increased our Model S production at a slower rate than we had earlier anticipated," leading to the company figuring they'll fall short of the $560 million to $600 million they originally forecasted. Tesla also revealed a net cumulative loss of $864.9 million through June 30 of this year - Tesla has yet to break even as an automaking entity, but it remains something of a startup, so the fact that it has lost money to this point shouldn't be a major surprise - building cars is expensive, and learning how to do so is even more expensive. Following the disclosure, Tesla shares fell about 8.5 percent this morning in trading.
Tesla cites delays in suppliers for its Model S production shortcomings. The California automaker says it is working with suppliers to speed up deliveries and internally, it is adding shifts and automation to its manufacturing processes. With little more than half of the 5,000-vehicle target expected to be built by year's end, Tesla says it is four to five weeks behind its delivery goals.

Tesla Investigating Fiery Model S Crash In Los Angeles

Automobiles can be dangerous objects, especially when moving at highway speeds. The July 4th holiday in the US, which took place this past weekend, is often an extra-dangerous time on America's roads, with an average of 127 deaths from car crashes in recent years. This year, there were at least two Tesla Model S crashes over the holiday, and despite a spectacular fire in one of the incidents, both of the drivers survived the incidents. "We absolutely want to have a look to understand what happened." – Tesla spokesman Simon Sproule The most dramatic crash happened when a Model S was apparently stolen and taken for a joy ride. Tesla told Bloomberg that the company is eager to take a closer look at what's left of the crashed vehicle, which snapped in half. "There aren't so many S's involved in major crashes, and certainly not quite like this one, so we absolutely want to have a look to understand what happened," said Tesla spokesman Simon Sproule. Tesla spokesperson Liz Jarvis-Shean told AutoblogGreen that, "We're working with relevant authorities and will be examining the car as we would with any accident." What isn't yet clear is how the reported thief was able to drive the stolen Model S (Tesla has not yet responded to our questions on this front). Media reports say it was someone at the Tesla store who reported the theft to police as it was happening, so it would seem that Tesla knew about the incident well before the crash. Whether there enough time to tell the police where the car was going or to deactivate the car is unknown. In another tragic crash that happened this weekend, a Model S rear ended a Toyota Corolla. Three of the occupants of the Toyota were killed but the Tesla driver only suffered "minor injuries," according to the Los Angeles Times. The Model S received five stars in the NHTSA's crash tests and has had safety improvements since those tests were conducted. Previous Tesla's have caught fire but no serious injuries have been reported.

Beating Tesla's coast-to-coast time in a Model S

A Tesla Model S. A race across the country. An average driving speed of 63 miles per hour. Now which part of that doesn't jibe? A pair of drivers from Edmunds.com has set out to beat Tesla Motors' own cross-country time record by taking a Model S from Los Angeles (technically, Redondo Beach) to New York. And beat it they did, finishing the 3,332-mile route in 67 hours and 21 minutes, which was faster than Tesla's time by eight hours and 44 minutes. What's all the more impressive is that the pair had to recharge the car at Tesla's Superchargers 23 times, with an average of 38 minutes per stop, meaning that more than 14 hours were spent sitting still in recharge mode. And while the car is as fast as it is quiet, Edmunds had to curb its enthusiasm on the throttle to ensure the EV got from Supercharger A to Supercharger B and so on, hence the relatively pedestrian average driving speed of 63 miles per hour. Case in point was the 223-mile run between Las Vegas and Beaver, Utah, which was the longest stretch between Superchargers and included a 5,000-foot elevation climb. That caused the team to bring its highway speed down to about 50 miles per hour in order to avoid being stranded by the roadside. Read about how they made it over on Edmunds.