Tesla reports skyrocketing losses as Musk shares ‘last pic’ of his roadster en route to Mars - energy storage companies
When Musk shared the last picture of "Star Trek to Mars orbit, then the asteroid belt" on Earth, Tesla posted a net loss of $675,350,000 in 2017.
The reported loss is the highest in the company's history.
Tesla lost $0. 121 billion in the last quarter of 2016.
Tesla blamed the loss on its huge investment in launching the Model 3 sedan, which has been behind production for several months.
The company produced only 2,425 Model 3 in the fourth quarter, and had to cut production targets again last month, acknowledging that it would not reach the full target.
Mass production by at least the end of June.
"At some point in 2018, we expect to start generating positive quarterly revenue on an ongoing basis.
With the planned growth of Model 3 and our energy storage products, our revenue growth rate this year will greatly exceed the growth rate of last year, "Palo Alto-
The company said in a quarterly update released on Wednesday.
"Our recent acquisition of advanced automation companies has increased our talent base and helped us to increase the productivity of Model 3 more effectively.
The company also told investors that they were "happy to give everyone the next surprise --
A generation of sports cars, "Musk sent his first-
A generation of sports cars traveling to Mars on the SpaceX rocket.
The electric sports car is driven by a body model with David Bowie's Space quirks and Douglas Adams's Guide to the Galaxy roaming in the glove compartment.
Tesla and SpaceX founders appeared to downplay production issues on Wednesday, saying "it's just a matter of time" before the company starts producing 500,000 Model 3 a year ".
"If we can send a sports car to the asteroid belt, we may solve the production problem of Model 3," Musk said . ".
He also warned investors of plans to launch capital expenditures for the new Tesla Y model by the end of 2018.
Despite production difficulties, Tesla reiterated its ambitious goal of launching the next car --
In 2020, the gen sports car touted it as "the fastest car in the world", which will calm down "any debate about the limitations of electric vehicles ".