Tesla reports biggest ever quarterly loss

Posted at February 10, 2018 » By : » Categories : News » Comments Off on Tesla reports biggest ever quarterly loss

Tesla reports biggest ever quarterly loss

Electric vehicle (EV) manufacturer Tesla has reported its biggest ever quarterly loss.

The firm published a financial report showing it lost $675.4 million (£487m) in the last three months of 2017, compared with $121.3 million (£87.6m) in the same period a year earlier.

It suggested this was in part caused by production bottlenecks for its $35,000 Model 3 car – it suggested it had learned many lessons from the difficulties faced in this process.

Despite these challenges, the company’s revenues rose to $3.3 billion (£2.4bn), up from $2.3 billion (£1.67bn).

It said it would continue to target Model 3 production rates of 2,500 by the end of 2018’s first quarter and 5,000 by the end of the second quarter.

Tesla said: “It is important to note that while these are the levels we are focused on hitting and we have plans in place to achieve them, our prior experience on the Model 3 ramp has demonstrated the difficulty of accurately forecasting specific production rates at specific points in time.”

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