Elon Musk finally gets to "throw a pie in the face of all naysayers on Wall Street who keep insisting that Tesla will always be a money loser!" With the delivery of 24,821 vehicles in Q3, Tesla achieved GAAP profitability. In other Tesla news, Elon will be unveiling new Tesla Energy products this evening, including the much anticipated Solar Roof! If you're unable to watch the live stream, we will have all the details next week.
Elon also took part in a Reddit Ask Me Anything last Sunday to further discuss his Mars colonization plans. Be sure to check out the SpaceX articles below to find all the details.
Enjoy issue 55, and have an excellent Friday!
♦ Featured Quote ♦
"There are obviously skeptics out there, I suggest that they do not bet against us."
— Elon Musk | Quote from Inverse
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Elon Musk took to Reddit last Sunday for an Ask Me Anything session, which he noted was "meant to be supplemental" to the talk he gave at the International Astronautical Conference in Guadalajara, Mexico on September 27th. After the talk, there were plenty of lingering questions about his Mars colonization plans: what about radiation? Where would people live? During the AMA, he followed up on several topics that he didn't cover at the initial talk.
Musk predicts that Mars colonists will use "glass panes with carbon fiber frames to build geodesic domes on the surface" of the planet, and have to use "a lot of miner/tunneling droids" to create "huge amounts of pressurized space for industrial operations" and leave the glass buildings for green living space.
Early missions to Mars will focus on getting a propellant plant up and running in order to make the Interplanetary Transport System that will allow trips from Mars back to Earth much easier.
The Wall Street Journal reported that the problem may have been operational—rather than a manufacturing or design flaw of the rocket itself. But that does not mean the case is that simple. Nothing involving rockets ever is.
The investigation itself is a collaborative effort between SpaceX, the FAA, NASA, the US Air Force, and industry experts. Together, they are looking at over 3,000 channels of engineering data, along with video, audio and imagery, the company said. Early rumors speculated that SpaceX was worried about potential sabotage by rival space firms, and were reviewing images of strange shadow on a building next to the launch site. But mostly, the investigation has focused on the second stage liquid oxygen tank.
Well, CEO Elon Musk promised a pie in the face of the naysayers on Wall Street and they got it. After market close on Wednesday, Tesla released its financial results for the third quarter 2016. Wall street was expecting revenue of $2.43 billion and a slight gain of $0.02 per share for the quarter. Tesla confirmed $2.30 billion in revenue, below expectations, but it also announced a gain of $0.14 per share during the last quarter – a first in 3 years.
The automaker disclosed that it expects to also be profitable next quarter, which will come as a surprise to most industry watchers. The company is seeing 145% year-over-year growth in revenue.
The company had already confirmed that the event will take place outside at Universal Studios in Los Angeles, but it was originally supposed to start after dark, which was surprising to some people considering Tesla is set to unveil a solar roof product.
Now the doors open at 4:30pm and CEO Elon Musk is expected to take the stage around 5:30pm at which time a webcast will start on Tesla's website. Sunset will be at 6:03pm today. While Tesla is expected to unveil its solar roof, it is also expected to unveil its second-generation energy storage products.
On Wednesday, during a conference call to discuss Tesla's third-quarter financial performance, CEO Elon Musk threw down the gauntlet. "There are obviously skeptics out there," he said. "I suggest that they do not bet against us."
The skeptics to which he refers would say either that the hardware and software suite on Teslas are not actually capable of full autonomy, or, alternatively, that full autonomy is unreliable. Musk has long touted the safety benefits of Tesla Autopilot. But full autonomy is a different beast, one that likely will eliminate car wrecks as we know them.
Musk confirmed that Tesla plans to share most of the revenue from the 'Tesla Network' with the Tesla owners who will send their self-driving cars on the network to complete rides for customers.
When Tesla announced its self-driving hardware suite last week, it also confirmed its long-rumoured Uber-like service, which we now know as 'Tesla Network'. While they introduced the necessary hardware in all cars last week, Tesla doesn't plan for the software to be ready for another year.
Tesla confirmed that they completed production line layouts for the Model 3 and they are now deep in the testing of the subsystems. The automaker reiterated that they are on target for "volume production and deliveries of Model 3 in the second half of 2017".
The company describes the "world's only integrated sustainable energy company" as a "vertically integrated energy company offering end-to-end clean energy products." Tesla is trying to own the entire energy sector from generation through solar installations to consumption with its electric vehicles.
In the new presentation, Tesla confirmed that it plans to phase out SolarCity's brand throughout the next year.
When Elon Musk conceived of the Hyperloop high-speed transport system in 2013, he estimated that a route from Los Angeles to the Bay Area would cost about $6 billion, or $11.5 million per mile.
But leaked documents show that Hyperloop One — one of two companies attempting to make Musk's idea a reality — is estimating the cost of a potential 107-mile Bay Area project to be somewhere between $9 billion and $13 billion, or $84 million to $121 million per mile.