Unifor, Canada’s largest private-sector union, wants the Canadian government to build an aggressive plan to produce and sell more electric vehicles. The union’s proposals come as it prepares to negotiate with the Detroit Three – and as the Canadian government makes plans for a post-pandemic economic recovery.
Peter Hochholdinger is coming to Tesla after a two-decade-long career at Audi where most recently he led the manufacturing programs of the A4, A5 and Q5 vehicles. Hochholdinger joined Tesla as VP of Vehicle Production overseeing the Model S and Model X production lines and logistics, as well as leading the Model 3 manufacturing program.
He recently gave his first interview since taking over the role and he admits to being very impressed by what Tesla has accomplished so far. He describes the company’s vehicles as being “about seven years beyond everything I’ve seen before”.
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Tesla’s detractors have been claiming that the automaker reached the peak demand for its flagship sedan, the Model S, ever since its first full year of production in 2013. Tesla has proven them wrong over and over again with record-breaking deliveries last year, but as evidenced by the company recent results, it will be more difficult to reject allegations of reaching peak demand.
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Tesla is betting big on the Model 3. The company recently closed an important $1.7 billion stock offering to finance its new build plan for the vehicle and $1.26 billion will be spent on the expansion of the Fremont Factory to manufacture the car in volume. The higher than expected demand for the Model 3 pushed Tesla to accelerate its production plan which now aims to achieve a rate of 500,000 cars (S, X and 3) in 2018 – two years earlier than previously planned.
The plan has been described by experts as anything from ambitious to impossible, but a new report by Cairn ERA, a global research and consulting firm specializing in energy storage, gives an interesting new perspective on Tesla’s production plan based on the recent rise of Chinese automakers.
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Tesla’s stock price (TSLA) is up over 3% following a new note by RBC analyst Joseph Spak to clients this morning. The analyst recently visited Tesla’s Fremont Factory and met with the management. He came out of the meeting with the impression that Tesla is confident that it can ramp up Model 3 production quickly, which is essential to the company short- to mid-term goals.
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Only three years ago in 2013, Tesla Model S’ first full year of production, the automaker built just over 20,000 vehicles or around 400 per week. Now we learn that Tesla recently achieved for the first time a production rate of 2,000 vehicles per week for an annualized rate of 104,000 cars.
In its last shareholders letter, the company announced that it aimed to exit the second quarter with a production rate of 2,000 vehicles per week – meaning that the company achieved its goal two weeks ahead of schedule. The achievement was crucial for Tesla to reach its delivery goal of 80,000 to 90,000 vehicles in 2016.
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Analyst Brad Erickson from Pacific Crest issued a new note to clients today following a visit of the Tesla Fremont Factory. The analyst noted that Tesla appears to be on track to exit the second quarter at the a production rate of 2,000 cars per week (Model S and X combined) and it is tracking toward its annual delivery target of 80,000 to 90,000 vehicles.
While Erickson appears confident that the automaker can achieve its short-term delivery goals, he is more cautious about Tesla’s new plan for 500,000 vehicles in 2018.
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Two of Tesla’s top manufacturing executives, Vice President of Production, Greg Reichow, and Vice President of Manufacturing, Josh Ensign, are leaving the automaker following several issues with the production ramp up of the Model X, according to a new report from Bloomberg.
On the other hand, a Tesla spokesperson confirmed both departures, saying that Reichow, the most senior exec of the two, will remain until his replacement is found, but the representative has denied a connection with the issues with the Model X production ramp up.
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