February 22, 2017 / 9:30 PM / 7 months ago

BRIEF-Tesla posts 4th-qtr adjusted loss of 69 cents per share

Feb 22 (Reuters) - Tesla Inc:

* Model 3 on track for initial production in July, volume production by September

* Expect to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017

* Quarterly GAAP loss per share of $0.78

* Quarterly non-GAAP loss per share $0.69

* Q4 total revenue $2.28 billion versus $1.21 billion a year ago

* Q4 earnings per share view $-0.43, revenue view $2.18 billion -- Thomson Reuters I/B/E/S

* Quarterly vehicle deliveries 22,252 versus 17,478

* Model 3 and solar roof launches are on track for the second half of the year

* Q4 total gross margin 19.1 percent versus 18 percent

* Quarterly vehicle production 24,882 versus 14,037

* Says GAAP and non-GAAP automotive gross margin should recover in Q1 to Q3 2016 levels and then continue to expand in Q2 2017

* In Q1 2017, began pushing over-the-air software updates to all Autopilot-equipped cars to further increase performance and safety

* Tesla says it will prioritize profitability, cash preservation over total MW deployed ahead of solar roof launch in energy generation and storage unit

* Starting in Q4, co reclassified revenue, cost of revenue of energy storage products from ‘services and other’ into ‘energy generation and storage’

* Later this year, expect to finalize locations for Gigafactories 3, 4 and possibly 5

* All Tesla vehicles in production have the hardware necessary for “full self-driving”

* Q3 to Q4 cash increased by over $300 million to $3.4 billion

* Q4 gross margin declined sequentially primarily due to lower ZEV credit sales in q4 2016

* Continue to negotiate more favorable payment terms with capital equipment suppliers, pushing some payments closer to start of Model 3 production

* Initial crash test results for model 3 have been positive, all Model 3-related sourcing is on plan to support the start of production in July

* Model 3 program is on track to ramp production to exceed 5,000 vehicles per week at some point in Q4, and 10,000 vehicles per week at some point in 2018

* Expect to invest between $2 billion and $2.5 billion in capital expenditures ahead of start of Model 3 production

* On track to generate $500 million in cash by 2019 and achieve cost synergies committed to upon acquiring SolarCity

* To reduce customer acquisition costs by cutting advertising spending, selling solar products in Tesla stores, shifting away from leasing solar systems Source text: bit.ly/2lqsPaF Further company coverage:

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