Tesla plugs older Model S as new buyers turn to Model 3

Tesla plugs older Model S as new buyers turn to Model 3By Alexandria Sage SAN FRANCISCO (Reuters) – Electric-car maker Tesla Inc on Wednesday reported first-quarter revenue that more than doubled, and while saying the upcoming Model 3 was on schedule for July, it downplayed the mass-market vehicle to give a sales pitch for its more expensive Model S. Chief Executive Elon Musk’s bold approach to cars, space exploration and clean energy has fueled investor enthusiasm for Tesla. “We have seen some impact of Model S orders as a function of people being confused” that Model 3 is the upgrade to Model S, Musk said on a conference call. Tesla said it had $ 4 billion of cash on hand as it headed into the second quarter and expects year-to-date capital expenditures to be slightly over $ 2 billion by the time it starts Model 3 production – within its previous targeted range of $ 2 billion to $ 2.5 billion.



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