Categories LATEST, Technology

Elon Musk admits to Tesla Model 3 braking issue, confirms firmware fix

And just like that, Tesla is back in the news. And this time, it is actually regarding a product — the Model 3 sedan to be exact. Eccentric showman and Tesla CEO Elon Musk on Monday admitted to a braking issue on Tesla Inc’s electric car, in line with a finding by Consumer Reports. However, he did add that the bug can be fixed using a firmware update that would be rolled out soon.

Over the past weekend, Musk unveiled the specs of the dual-motor, all-wheel-drive Model 3 over the weekend — including a top-of-the-line variant more expensive than the base Model S and Model X.

 

US magazine Consumer Reports said it would not recommend the Model 3 — though affordable — since it was seen to brake slower than an average full-sized pickup truck. Musk retorted with a tweet late on Monday, “with further refinement, we can improve braking distance beyond initial specs. Tesla won’t stop until Model 3 has better braking than any remotely comparable car.”

Tesla vehicle production and deliveries

As it was clear from Tesla’s earnings last quarter, the electric car maker is losing money on every shipment of Model 3, despite a 25% margin target on each car. So it makes perfect sense that Tesla is rolling out the most affordable version of the car.

The $35,000 Model 3 seems to be a driver for more bookings on the higher models, where Tesla can really make some money. Let’s hope that is what Musk has in mind, or as many industry analysts say, Tesla might have to raise billions by 2020 to be in line with the CEO’s ambitious plans.

Most Popular

Citigroup (C) reports lower revenue and profit for Q1 2024; results beat

Banking behemoth Citigroup Inc. (NYSE: C) Friday reported a decrease in revenue and net income for the first quarter of 2024. However, the numbers came in above analysts' estimates. Net

WFC Earnings: Key quarterly highlights from Wells Fargo’s Q1 2024 financial results

Wells Fargo & Company (NYSE: WFC) reported first quarter 2024 earnings results today. Total revenue rose 1% year-over-year to $20.8 billion. Net income decreased 7% to $4.6 billion while EPS

JPM Earnings: All you need to know about JPMorgan’s Q1 2024 earnings results

JPMorgan Chase & Co. (NYSE: JPM) reported first quarter 2024 earnings results today. Reported net revenue was $41.9 billion, up 9% year-over-year. Managed net revenue was $42.5 billion, up 8%

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top