KUALA LUMPUR (May 22): Telecommunications group Axiata Group Bhd slipped into the red in the first quarter ended March 31, 2018 (1QFY18), posting a net loss of RM147.41 million compared with a net profit of RM239.02 million.
In a statement today, Axiata attributed the quarterly loss to higher share of business losses from its Indian associate Idea Cellular Ltd of RM124.3 million as the Indian telecommunications market continued to struggle with the devastating price war and a hypercompetitive market.
The dream of owning a low-cost Tesla Model 3 vehicle is still a distant one for now. In a tweet this weekend, CEO Elon Musk said that if he were to start manufacturing and selling the base model of the Model 3, the company would die. Instead, he says, Tesla won’t responsibly be able to start producing the lowest-cost Model 3 until three to six months after the company starts producing 5,000 cars a week.
With production, 1st you need achieve target rate & then smooth out flow to achieve target cost. Shipping min cost Model 3 right away wd cause Tesla to lose money & die. Need 3 to 6 months after 5k/wk to ship $35k Tesla & live.
— Elon Musk (@elonmusk) May 21, 2018
In 2015, Musk said he would begin production on a sedan that would cost $35,000–a far lower price than any of the company’s other vehicles. But that model of car, the base version, has yet to debut. Instead, people have been able to purchase Model 3’s featuring a long-range battery and rear-wheel drive, among other features, for $49,000 or more. Yesterday, Musk’s company outlined a new all-wheel drive Model 3 for $78,000 that is supposed to compete with BMW M3 on performance.
Tesla dual motor, all-wheel drive performance Model 3:3.5 sec 0-60mph 155 mph Top Speed310 mile Range
— Elon Musk (@elonmusk) May 20, 2018
While some fans are enthused about the specs, many are disappointed that the Model 3s real promise has yet to be fulfilled.