Tesla reports record $675.4mn loss in Q4

Share

Tesla said last month it would likely build about 2,500 Model 3s per week by the end of the first quarter and that it plans to reach its goal of 5,000 vehicles per week by the end of the second quarter.

The company had recorded a loss of $121m for the same period previous year.

The electric auto company continues to predict it will be able to produce 5,000 Model 3 vehicles a week by the end of the second quarter of this year. For the year, the company reported nearly $US12 billion in revenue.

Tesla on Wednesday posted a smaller-than-expected fourth quarter loss as well as a slower cash burn, but it wasn't enough to keep the stock in the green.

The Tesla earnings report comes one day after Musk's other company, SpaceX, successfully launched the massive Falcon Heavy rocket.

The company also does not break out country-specific data, but recently eliminated tax incentives for electric vehicles in Hong Kong and Denmark.

Britain's TalkTalk to raise cash for fibre network, cuts forecast
It said that it now expects that figure to come in between £230m and £245m from a previous forecast of between £270m and £300m. He said: "This investment will make significant strides in giving Britain the connectivity we need to be fit for the future".

According to their website, customers who were waiting for the standard battery variant, rear wheel drive Model 3 will have to wait almost one more year. "It's just a matter of time", said Musk, who is also the CEO of SpaceX.

Oppenheimer, one of Tesla's more optimistic research shops, says the company continues to "wade through the weeds" while production delays remain.

After shooting off into space, Tesla has warned that its spending could rise this year.

"If we can send a Roadster to the asteroid belt, we can probably solve the Model 3 problem", he said.

- The Tesla big battery installed in South Australia past year had been is "exceeding its performance targets significantly", and as a result of this success had boosted orders for the company's commercial scale energy storage systems.

Share