Economy

Tesla targets 2500 Model 3s a week while posting largest quarterly loss

Tesla targets 2500 Model 3s a week while posting largest quarterly loss

"It's just a matter of time". "People want Tesla products, but Tesla can't stop spending more money than it has". But he also said the company had learned many invaluable lessons from the troubles, and made major strides in efficiencies along the production lines. Musk said in July previous year that Tesla would probably be making 20,000 Model 3s per month by December 2017. The other significant production challenge for the company involves the automated conveyance system for parts at the company's Fremont factory, he said.

The company released its Q4 2017 result on Wednesday night in the United States, reporting negative free cash flow of $276.8 million - the lowest in more than a year - and $675 million in losses attributable to shareholders; notching up nearly $2 billion in losses for the whole year.

Investors also suffered a $4.01 loss per share, worse than the $3.69 loss analysts had forecast.

Meanwhile, on the Model 3 production front, the company hopes to hit 2,500 Model 3s per week by the end of the first quarter and plans to be producing 5,000 Model 3s by the end of the second quarter. More than expected by analysts.

More news: IPhone X incoming-call display delays? Apple looks into reports of issues

Musk said he was "cautiously optimistic" Tesla would become profitable, though he didn't say when.

In January this year, Tesla braced investors for a much lower production and delivery rate of Model 3s. (That will make the range from Model S, 3, X and Y). The vehicle, which starts at $35,000, has met with production delays that have pushed the 5,000-units-per-week delivery target from the end of December to the end of March, to the end of June. Tesla's stock was flat in after hours trading Wednesday following the earnings report.

Those showroom displays helped increase pre-orders for the Model 3, Tesla suggested.


  • Obama: There is no political influence in any investigation

    Obama: There is no political influence in any investigation

    Many of them discuss office issues, but also show the two making disparaging comments about Trump before and after the election. The outcome of the race was "disappointing", he said , adding that Loudoun County is "still largely ignorant hillbillys".
    U.S.  coalition conducts airstrikes against Syrian regime troops

    U.S. coalition conducts airstrikes against Syrian regime troops

    Russian Federation and Iran back Assad, while the United States and Turkey support differing rebel groups fighting the government. The combination of air and artillery strikes came after pro-regime troops attacked the compound of the Syrian Democratic Forces.
    Big names released from national duty for BBL decider at Adelaide Oval

    Big names released from national duty for BBL decider at Adelaide Oval

    The Strikers pipped the Melbourne Renegades by one run in a Friday night semifinal thriller at Adelaide Oval. After close to two months of some exciting entertainment, the Big Bash League has finally come to a close.
  • England provide first test as Ronald Koeman is announced as Netherlands manager

    England provide first test as Ronald Koeman is announced as Netherlands manager

    His long-term contract will take in the new UEFA Nations League, Euro 2020 and the 2022 World Cup campaign. He said: "I am proud to finally announce that I am the new manager of the Dutch national team".
    N.Korea earned $200m despite United Nations  sanctions

    N.Korea earned $200m despite United Nations sanctions

    CNN has obtained key sections of the report from a United Nations diplomat who is not authorized to speak publicly. Secretary of State Rex Tillerson said violations of maritime operations involving North Korea are a problem.
    Police warn about child porn video shared on Facebook

    Police warn about child porn video shared on Facebook

    This is a case our of Alabama, and law-enforcement there is actively investigating the video. Police across the country are warning Facebook users to not share or view the video.
  • The 10 Most Congested Cities in the World

    The 10 Most Congested Cities in the World

    Manchester came behind London, albeit its average of 39 hours was nearly half of that recorded in the capital. Drivers here spent 102 hours in congestion, followed by New York City at 91 hours and San Francisco at 79.
    Fake doctor in India may have infected 21 people with HIV

    Fake doctor in India may have infected 21 people with HIV

    According to a health camp report from November past year at least 40 positive cases have been reported from Unnao . Meanwhile, area councillor Sunil Bangarmau said if proper tests are done, at least 500 cases of HIV would come up.
    India and Pakistan trade accusations over deadly shooting

    India and Pakistan trade accusations over deadly shooting

    It may be recalled that four Army personnel including a Captain were martyred on Sunday in ceasefire violation by Pakistan. Army jawans take positions along LoC in Rajouri on Monday, a day after shelling by Pakistani forces killed four soldiers.
  • Metro Detroit Weather: Winter Weather Advisory overnight

    Metro Detroit Weather: Winter Weather Advisory overnight

    The National Weather Service has issued a Winter Storm Watch across MA ahead of Wednesday's storm, excluding the southeast. Chance of precipitation? 100 percent! New precipitation amounts between a quarter and half of an inch possible.
    US Threatens to Ban Venezuelan Oil

    US Threatens to Ban Venezuelan Oil

    Late last week Tillerson suggested the US would support the Venezuelan military toppling the elected government of Nicolás Maduro. Maduro has accused the United States and its allies of trying to undermine his socialist government.
    OnePlus 5T in Lava Red arrives just in time for Valentine's Day

    OnePlus 5T in Lava Red arrives just in time for Valentine's Day

    It will only be sold in the 8GB RAM / 128GB storage version that costs slightly more than the base 6GB RAM / 64GB storage model. Users who order this OnePlus 5T Lava Red Limited Edition before the 9th of February will receive free priority shipping.