Motoring2.11.2017
Tesla posts big loss
Tesla has reported a wider-than-expected quarterly loss, according to Yahoo Finance.
“Tesla’s negative free cash flow swelled to $1.4 billion, more than analysts had expected,” stated the report.
The company said it would cut production of its Model S and Model X vehicles to “redeploy resources toward the Model 3”. This is set to result in a 10% drop in production for the two models.
Tesla then expects to produce 5,000 Model 3 vehicles a week by the end of Q1 2018.
This follows Tesla head Elon Musk recently describing the Model 3 as being “deep in production hell”.
Its Q3 statement also reported revenue of $2.98 billion and an adjusted loss per share of -$2.92.
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