Home / Tech News / Elon Musk's Tesla announces biggest quarterly loss ever

Elon Musk's Tesla announces biggest quarterly loss ever

Loss of $675.4m announced day after Musk’s car sent into space in test of SpaceX rocket

elon musk

After a big success for his SpaceX company, Musk’s Tesla reported a heavy loss.
Photograph: Brendan Smialowski/AFP/Getty Images

The tech billionaire Elon Musk sent one of his Tesla electric cars into space yesterday, a day before the company that built it announced its biggest ever quarterly loss.

Musk’s Tesla electric car and energy storage company lost $675.4m in the three months ending 31 December, the company announced on Thursday, compared with a loss of $121m for the same period last year.

The company has been spending heavily as it rolls out the next generation of electric cars, the Model 3 sedan, a semi truck and other products.

The company has struggled to keep up with is production targets for the Model 3 but said it would probably 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.

On Wednesday Musk’s private aerospace company, SpaceX, blasted a cherry red Tesla Roadster sports car into space in a successful test of its Falcon Heavy rocket.

The car and its dummy driver are now heading towards the asteroid belt.

Tesla delivered 101,312 Model S sedans and Model X SUVs last year, up 33% over 2016 and ahead of its targets, according to preliminary figures released last month. But it fell woefully short on the Model 3, which went into production in July.

Tesla made just 2,425 Model 3s in the fourth quarter, and has pushed back production targets multiple times. At one point, Tesla had 500,000 people on a waiting list for the Model 3, but it’s not clear if all of them are continuing to wait.

Check Also

Selling data on millions ‘is the opposite of our business model,’ says Facebook’s Boz

Facebook’s former VP of ads has weighed in on the ongoing disaster involving his company’s …

Leave a Reply

Your email address will not be published. Required fields are marked *