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Tesla reports record $675.4mn loss in Q4
Electric car maker Tesla has reported a record loss of $675.4 million -- $4.01 per share -- on a revenue of $3.29 billion in the fourth quarter of 2017.
The Palo Alto car company partly blamed the worst-ever figures on the high costs related to the production of its Model 3 electric sedan, the Los Angeles Times reported on Wednesday.
Tesla, which lost $121 million in the same quarter last year, said revenue was up 36 per cent over the same period in 2016 because of the deliveries it made of the luxury electric Model S sedan and Model X crossover.
"Revenue from automotive products rose to $2.7 billion for the final quarter of 2017 -- up from $1.99 billion in the year-earlier quarter," the report said.
Tesla also reported that revenue from its energy storage products -- batteries and home electric storage systems -- rose by six per cent.
The Zero Emission Vehicle credits (ZEV) -- that the company earns for building zero-emissions vehicles, which it can then sell to companies that produce too few such cars -- rose to $179 million for the quarter from $20 million during the same period in 2016.
On the contrary, in an earnings call with analysts, Tesla founder Elon Musk pointed to his immediate success in sending a Tesla Roadster into space as a test payload for SpaceX's new Falcon Heavy rocket on Tuesday.
"If we can send a Roadster to the asteroid belt, we can probably solve Model 3 production. It's just a matter of time," said Musk, who is also the CEO of SpaceX.
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Sunday EditionView All
25 Feb 2018 | M Venkaiah Naidu
Today, we are conferring International Gandhi Award-2017 on two outstanding personalities, Dr MD Gupte and Dr Atul Shah, for their selfless and humanitarian services in the cause of elimination of leprosy and in alleviating the suffering of leprosy-affected patients. Leprosy has been prevalent in our country since a very long time...
STATE EDITIONSView All
26 Feb 2018 | PNS | Ranchi
Jharkhand would be probably first state of the country where the fleet of common service centres (CSCs) or Pragya Kendra spread all across, especially in smaller towns and villages, would double as telemedicine centres. Department of IT and e-Governance has prepared itself to launch the medical service through CSCs under which any family can get consultation with doctors as many as eight times in a month, get prescribed medicines over there...