Tesla Reports Its Worst Ever Quarterly Loss After Model 3 Delays

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Tesla Reports Its Worst Ever Quarterly Loss After Model 3 Delays

Sales for the period to 31 December 2017 however rose to $3.29bn from $2.28bn.

Tesla lost $1.96 billion for the full year, a record for the company and almost three times its loss of $675 million in 2016.

He is perhaps better known for his electric auto company Tesla, which he founded in 2003, and then took public in 2010. That said, Tesla's revenue growth rate over 2018 is expected to exceed last year's growth, driven by both the Model 3 and its energy storage products.

"It means we're able to offer heavy-lift ... for not much more than the cost of a Falcon 9", Musk told reporters on Monday, referring to SpaceX's $US62 million single-booster rocket.

Currently, the vehicle is off course in heading towards the asteroid belt between Mars and Jupiter. "But in Q4, we think most of the news was positive", Piper Jaffray analyst Alexander Potter wrote in a report. That kind of orbit would, at certain times, bring the Tesla near Mars.

Musk continues to expect to make 1 million vehicles annually by 2020.

Tesla Reports Its Worst Ever Quarterly Loss After Model 3 Delays

At Tesla, Musk has announced plans for an electric semi- truck, boosted production of batteries for its electric cars and for other uses and has expanded its network of charging stations.

Tesla may claim to have the first production-based vehicle in space, but the Lunar Rover will always hold the title as the first auto to actually be used in space.

Obstacles to production of 5,000 vehicles by the end of the second quarter "were getting smaller with every week", Reuters quoted Musk as telling analysts on a conference call. He has missed previous goals due mainly to difficulties getting the Model 3 up to the planned rate. By the end of Q1 2018, Tesla anticipates it will be churning out 2500 Model 3s per week and 5000 per week by the end of Q2 2018.

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now. and Tesla wasn't one of them!

He also explained that the company could have done the coast-to-coast drive a year ago but it would have had to so with a lot of custom code which would have essentially seen Tesla "gaming" the demonstration. Musk has plenty of experience with rocket accidents, from his original Falcon 1 test flights to his follow-up Falcon 9s, one of which exploded on a nearby pad during a 2016 ignition test. The package requires Tesla, which is worth a little less than $60 billion now, to grow in $50 billion leaps to a staggering $650 billion market capitalization over the next decade.

Tesla offered an endorsement of CEO Elon Musk on the call as well, noting he will remain as chief executive for the foreseeable future.

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The 2018 Olympics officially kicked off Friday with a dazzling opening ceremony that will air tonight on NBC . They spoke of strengthening the military alliance between their countries to answer threats by North Korea.

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