Huge Financial Losses For Tesla
In the last quarter, Tesla announced financial losses of USD$293 million. Last year, they posted losses of $184 million.
Tesla has now lost money for the 13th quarter in a row.
These numbers may look catastrophic, but we have to put things into context. The manufacturer is currently spending lots and lots of money in the development of its next vehicle, the Model 3 sedan. Its assembly lines have to be expanded before the car is ready to be assembled.
Tesla’s upcoming battery factory is also still being built: the company hopes that its Gigafactory will build more batteries than the world produced in 2013. For now however, the factory barely started churning out battery packs.
The manufacturer also failed to meet its delivery objectives: they thought they could deliver 17 000 cars, but only 14 402 buyers received their brand-new Teslas.
Elon Musk was reassuring to its investors, however. With the arrival of the Model 3 and the Model Y SUV, the numbers should improve.