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From the Company:
• Q4 Model S and X orders reach record highs
• Model 3 on track for initial production in July, volume production by September
• Battery cell production started at Gigafactory 1
• All Tesla vehicles in production have the hardware necessary for full self-driving
• SolarCity and Grohmann integrations underway
• Q3 to Q4 cash increased by over $300 million to $3.4 billion
• 2016 revenue of $7 billion, up 73% from 2015
We start 2017 well positioned to scale our business significantly. Model S and X net order growth remains strong, as we are continually evolving our products by elevating performance, convenience, and safety. Our Model 3 program is on track to start limited vehicle production in July and to steadily ramp production to exceed 5,000 vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018. To support accelerating vehicle deliveries and maintain our industry-leading customer satisfaction, we are expanding our retail, Supercharger, and service functions. Our acquisitions of SolarCity and Grohmann Engineering were completed in November and in January, respectively. With the acquisition of SolarCity, we have created the world’s only integrated sustainable energy company, from generation to storage to transportation. Grohmann Engineering is a world leader in highly-automated methods of manufacturing, and this acquisition launches Tesla Advanced Automation Germany, which will help us innovate manufacturing processes to be used initially in Model 3 production.
ADVANCING SUSTAINABLE TRANSPORT
In Q4, we received 49% more global net orders for Model S and X combined, compared to the same period in 2015, as both vehicles continue to win over new customers. Automotive experts share this enthusiasm. In November, Model X won the Golden Steering Wheel (Das Goldene Lenkrad), one of the most prestigious automotive awards in the world. In December, a Consumer Reports survey ranked Tesla as having the best owner satisfaction, with 91% of customers saying they would purchase from Tesla again. Our result was seven percentage points ahead of our next closest competitor. Then, in January, the Model S won a “Best Cars 2017” imported car award from Automotor and Sport in Germany. These accolades have not stopped us from continuing to evolve Model S and Model X. Motor Trend just tested a Model S P100D and reported faster vehicle acceleration than any car they have ever tested, including million dollar, two-seat, gasoline-powered supercars with almost no cargo space. Model S posted a recordsetting 0 to 60 mph in only 2.275 seconds and covered a quarter mile in 10.5 seconds. We also introduced 100D versions of the Model S and Model X, each of which established new world records as the longest range all-electric production sedan and SUV, with estimated EPA ranges of 335 miles and 295 miles, respectively. Our new Autopilot hardware platform, deployed in Q4 2016, establishes a vehicle technology threshold that is unmatched by any other production car. This new hardware platform, combined with our growing vehicle fleet, means Tesla is collecting more data for autonomous driving than any other company, helping to further accelerate the evolution of Autopilot. Despite the complexities of implementing Autopilot hardware on both Model S and Model X, we still produced 77% more vehicles in Q4 2016 than in Q4 2015. In Q1 2017, we began pushing over-the-air software updates to all Autopilot-equipped cars to further increase performance and safety. Autopilot’s positive safety impact was confirmed in a January report by the National Highway Traffic Safety Administration, which stated, “The data show that the Tesla vehicles crash rate dropped by almost 40 percent after Autosteer installation....MUCH MORE (10 page PDF)
Tesla Q4 and full year 2016 Financial Results and Q&A Webcast
Feb 22, 2017
2:30 PM PT
Listen to webcast
Q4'16 Update Letter 407.9 KB
UPDATE--Live Blog of The Tesla Q4 and Year End 2016 Numbers (TSLA)
