Tesla Inc (TSLA.O) on Wednesday pushed back its target for volume production on its new Model 3 sedan by about three months, saying it was difficult to predict how long it would take to fix all production bottlenecks.
The company also reported its biggest quarterly loss ever, sending shares down nearly 5 percent after hours as the loss was bigger than analysts had expected.
The company said it now expects to build 5,000 Model 3s per week by late in the first quarter of 2018 from its original target date of December.
Tesla Inc. reported a fourth-quarter loss of $675.4 million, or $4.01 a share, on revenue of $3.29 billion, marking the Palo Alto car company's biggest quarterly loss ever.
The company partly blamed the figure, which was significantly worse than the $121 million it lost in the same quarter last year, on high costs related to the production of its long-awaited Model 3 electric sedan.
Tesla on Wednesday advised that production rates of the Model 3 could be 2,500 cars a week by the end of March and 5,000 cars a week at the end of June. Last fall, the company had said it would be producing 5,000 cars a week by the end of 2017.
But hey, at least they managed to put one in space, right?
Edited by RichardJensen, 07 February 2018 - 08:39 PM.