Tesla's Musk Says Model 3 to Be Available in Australia Around Mid 2019

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Tesla's Musk Says Model 3 to Be Available in Australia Around Mid 2019
Highlights
  • Musk was responding to a tweet asking when Model 3 will be available
  • Tesla has been trying to fast track vehicle deliveries of its new Model 3
  • On Wednesday, Tesla reported a net profit and positive cash flow

Tesla Chief Executive Officer Elon Musk said on Thursday the electric carmaker's new Model 3 will be available in Australia around the middle of next year.

In response to a tweet asking when Model 3 will be available in Australia, Musk wrote "Around mid 2019".

Tesla has been trying to fast track vehicle deliveries of its new Model 3 to customers. The company's ability to deliver on production targets for Model 3 sedans has weighed on its stock in the past.

On Wednesday, Tesla reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter, as higher production volumes of its new Model 3 began to pay off.

The company said it would start taking orders in Europe and China for the Model 3 before the end of the year. Deliveries would begin to Europe in late February or March, and those to China in the second quarter, if not before, Musk said.

The controversial Musk, who has often set goals and deadlines that Tesla has failed to reach, surprised investors by delivering on his pledge to make Tesla profitable for only the third quarter in its 15-year existence, providing a positive end to a difficult quarter for the CEO whose leadership was openly questioned only weeks ago.

"We can actually be cash flow positive and profitable in all quarters going forward," Musk said, qualifying that he excluded those in which a big debt payment comes due, such as the first quarter of 2019.

Musk reiterated that Tesla currently does not plan to raise equity or debt.

© Thomson Reuters 2018

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