Author Topic: Tesla posts big loss in Q3  (Read 94 times)

Offline Fujitsu

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Tesla posts big loss in Q3
« on: November 02, 2017, 06:26:18 am »
As Tesla tries to keep up with demand on their Model 3 vehicles, it appears it has been a little more expensive than investors were hoping as they posted a $1.4 billion dollar loss in Q3. Everyone was expecting Q3 to not be a great quarter but it was worse than expected and it sent Tesla's stocks downwards. At this point I don't think everyone is jumping ship yet, but but another quarter or two and investors might start looking for the exit door. Yahoo Finance has more details.

   The company said it planned to produce "about 10% fewer" units of its Model S and Model X models in the fourth quarter and reallocate resources to the Model 3, its newest. Tesla expects to hit a Model 3 production rate of 5,000 vehicles a week by late in the first quarter of 2018.   "While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it difficult to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear," Tesla said in its statement.   Tesla said in October that it produced only 260 vehicles, well below its target of 1,500. CEO Elon Musk said the Model 3 was "deep in production hell."

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