Bloomberg reports that concerns about the demand for Tesla vehicles have been reignited following the company's announcement that it will be lowering the production hours spent on Model S and Model X vehicles. As noted by reports from several members of the Tesla community today, the Silicon Valley-based electric auto maker has started sending out invites reservation holders and potential customers for Model 3 test drive events. The cuts were announced by Chief Executive Elon Musk in an email.
Deliveries of Model 3 outside the United States will be a crucial development for Tesla, whose chief executive Elon Musk has said that he wasn't anxious about Model 3 setbacks because of the drop in USA tax credit, as he expected deliveries to Europe and China to take off.
Tesla plans to report fourth-quarter results on January 30.
The timing could not be better because thousands of Model 3 vehicles are now on a ship to Europe, according to the Electrek.
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The first variants to reach the European market will be the longer range dual-motor Model 3 with 74kWh battery and 544km range (WLTP), and the performance model with 530km (WLTP) range.
Tesla has the go-ahead to start selling its cheapest and most popular model in Europe, which is likely to spook established premium carmakers such as Audi, BMW and Mercedes-Benz.
That's why Musk announced that Tesla would slash full-time jobs by around 7 percent and retain only the most critical temps and contractors. Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months.
Lentz said Tesla has created a new segment of so-called technology-driven products. Last week, the company said it had managed to eke out a profit in the final three months of 2018, even as it warned of a "difficult" road ahead.