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The American premium electric automotive manufacturer and energy storage company has announced a net order growth in 2016, with accelerated vehicle deliveries expected in 2017.
In the fourth quarter of 2016, Tesla received 49% more global net orders for its Model S and X combined compared to the same period in 2015, as both vehicles continue to win over new customers. The Company’s cash is reported to have increased by over US$300 million to US$3.4 billion from the third to the fourth quarter of 2016. Overall revenue for the full year was US$7 billion, up 73% from 2015.
“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”, said Tesla in a statement. “To support accelerating vehicle deliveries and maintain our industry-leading customer satisfaction, we are expanding our retail, Supercharger, and service functions”.
In 2016, Tesla opened a 168,000 sq ft vehicle delivery centre in Hong Kong; and the company says it plans to accelerate expansion of the Supercharger network in 2017, starting with doubling the number of its North American Supercharger locations.
Ahead of the Model 3 launch, the automaker is re-engineering and expanding its operations in anticipation of the needs of a much larger family of Tesla owners. The investment is estimated between US$2 billion and US$2.5 billion in capital. It expects to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017, representing vehicle delivery growth of 61% to 71% compared with the same period the prior year. In addition, both GAAP and non-GAAP automotive gross margin should recover in Q1 2017 to Q3 2016 levels, and then continue to expand.
Parallel to the automotive market, Tesla expects to see significant advances in energy generation through solar roofs, and storage product lines.