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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.

Driving the BMW M2 Competition, Honda Odyssey and Toyota RAV4 Prime | Autoblog Podcast #651

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick. This week, they talk about driving the BMW M2 Competition, Honda Odyssey and Toyota RAV4 Prime. Then they discuss James' experience testing the new Yakima CBX cargo carrier, Autoblog readers' preference for the GMC Hummer EV over the Tesla Cybertruck, and Mercedes-Benz taking a larger stake in Aston Martin. Lastly, they help James' father find a new car in the Spend My Money segment. Autoblog Podcast #651 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 BMW M2 Competition 2021 Honda Odyssey 2021 Toyota RAV4 Prime Testing the Yakima CBX Cargo Carrier on the Subaru Outback 75% of Autoblog Twitter follower prefer the GMC Hummer EV over the Tesla Cybertruck Mercedes-Benz to boost stake in Aston Martin to 20%, lend it some tech Spend JamesÂ’ fatherÂ’s money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Recharge Wrap-up: Electric Bayliner conversion, China considers EV mandates

An electric mobility enthusiast converted a Bayliner boat to electric power. Using 10 Tesla modules to build a 32-kWh battery pack, Scott Masterson's 2016 Bayliner 175 now uses an electric motor in place of the original 3.0-liter Mercruiser engine. With a top speed of about 53 mph and a range of about 25 miles, Masterson can enjoy a nice cruise on the water without the accompanying gas fumes. He says the conversion wasn't all that complicated, and it took him about three months of part-time work. Check it out in the video above, and read more at Electrek. Audi's updates to the 2017 A3 include the E-Tron plug-in hybrid. Inside the car, it will likely get Audi's "Virtual Cockpit" instrument display. The MMI infotainment system will be updated, with available Apple Carplay and Android Auto functionality. Slight changes to the headlights, taillights, and grille will make up the bulk of the exterior visual changes. Its powertrain will remain unaltered from the 2016 model, including its 83 MPGe combined rating and 16 miles of all-electric driving range. Read more at Green Car Reports. Hyundai has delivered its first hydrogen-powered car to Quebec. The Centre de Gestion de l'Equipment Roulant (Rolling Stock Management Center), which manages the province's government fleets, took delivery of a 2016 Hyundai Tucson Fuel Cell. It is leased in partnership with the University of Quebec's Hydrogen Research Institute of Trois-Rivieres, where the vehicle will be refueled. Read more from Green Car Congress. China is considering mandates for cleaner cars similar to those imposed by California. Unlike its current subsidy-based incentives, China could potentially require automakers to either produce or import more electric vehicles or purchase carbon credits from automakers that do. A draft of the legislation from the National Development and Reform Commission would fine non-compliant automakers at five times the price of the credits. "Without question, this will be good for the industry and will promote the development of all types of clean-energy vehicles," says China Association of Automobile Manufacturers Deputy Secretary General Ye Shengji. Compliance would be voluntary for smaller automakers. Read more from Automotive News.