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Tesla Elon Musk received a record quarterly loss of $ 675 million

Tesla published a report on the financial situation, reporting the largest quarterly loss of $ 675 million, or $ 4.01 per share. Revenue at the same time reached the indicators of $ 3.3 billion, which corresponds to previously announced forecasts. The company’s net loss for the year 2017 was $ 2.29 billion, which is higher than the results for 2016 – $ 773 million.

A Tesla Model 3 attracts attention on the company's Century City showroom floor. (Allen J. Schaben / Los Angeles Times)
A Tesla Model 3 attracts attention on the company’s Century City showroom floor. (Allen J. Schaben / Los Angeles Times)

In 2017, Tesla delivered 102 thousand cars Model S and Model X, which is slightly higher than the expected figure of 100 thousand electric vehicles. In a message to shareholders, Tesla confirmed plans to produce 5,000 Model 3 cars a week at the end of the second quarter. In addition, investment in the production of the Model Y crossover will be actively increased.

As a result of the fourth quarter of 2017, Tesla recorded 771 million dollars in losses, but earned 3.3 billion dollars. Quarterly revenue increased by 44% compared to the previous year, including thanks to deposits made by customers for Semi trucks not yet on sale and Roadster cars.

In total for 2017 Tesla reported losses of more than 2.2 billion dollars, compared with 771 million dollars in 2016. The output of the report almost did not affect the stock quotes of the company.

In the third quarter of 2017, the company’s losses amounted to 671 million dollars. Analysts associate the losses with the difficulties that have arisen in the production of Tesla Model 3. Despite this, the company continues to adhere to the same plans to produce 5,000 cars a week by mid-2018.

The increased quarterly losses in Tesla are attributed to the costs of manufacturing Model 3.

After the publication of the reports, the prices for the company’s shares rose by 3.3%.

The opinions of financial analysts about Tesla’s future were divided. Some believe that there can be no worse, others are full of optimism, which is connected with the expected Model 3.

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