Tesla Motors Inc. is expected to post its financial results for the fourth quarter and full year ending Dec. 31, 2015, after markets close Feb. 10, according to a news release. In addition, Tesla's management is expected to hold a live question-and-answer webcast that afternoon to discuss the company’s financial and business results and outlook.
The company recently filed a federal lawsuit against German auto parts maker Hoerbiger Automotive Comfort Systems LLC, alleging that the company misrepresented its ability to design the flashy “falcon wing” doors on Tesla's Model X vehicle, resulting in a last-minute change to a new supplier that caused delays, the Wall Street Journal previously reported. The lawsuit aims to stop Hoerbriger from demanding more payment from Tesla after it cut ties with the German supplier in May 2015, requesting the court to state that Tesla did not breach any contracts and to pay damages and attorney fees.
“We were forced to file this lawsuit after Hoerbiger decided to ignore their contracts with us and instead demanded a large sum of money to which they are not entitled,” a Tesla spokeswoman said in an email, the Wall Street Journal reported. “We will vigorously prosecute this case.”
The lawsuit alleges that prototypes from Hoerbiger leaked oil and sagged or produced excessive heat, causing them to stop working. Hoerbiger is seeking additional payments from Tesla for work it claims it was promised.
The release of Model X has been delayed on numerous occasions. It was originally slated to be produced in early 2013, but was pushed back to late 2015, aside from a handful of vehicles that went to company executives and early investors. Earlier this month, Tesla detailed its fourth-quarter deliveries, which included barely over 200 Model X cars, MarketWatch reported.
“Model X deliveries are in line with the very early stages of our Model X production ramp as we prioritize quality above all else,” the spokeswoman said, the Wall Street Journal reported. “That ramp has been increasing exponentially, with the daily production rate in the last week of the year tracking to production of 238 Model X vehicles per week.”