PALO ALTO — Electric car maker Tesla posted $3.3 billion in revenue for the fourth quarter of 2017, matching Wall Street’s expectations, but the firm racked up a much higher loss than analysts had forecast.
The Palo Alto firm led by CEO Elon Musk reported a $771 million quarterly loss, which exceeded Wall Street’s expectations by $173 million. Investors were also hit with a per-share loss worse than the analysts had expected, at $4.01, compared to the forecast of $3.69.
Tesla’s quarterly revenue was about $1 billion higher than it brought in during the fourth quarter of 2016.
Much attention from analysts and the public has been focused on Tesla’s Model 3 sedan, the company’s entry-level electric vehicle and its bid for the mass market. The car, which starts at $35,000, has suffered 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. The Model 3s now in production are a $50,000 version with a longer-range battery than the lowest-priced version.
Tesla began showing off the Model 3 in showroom displays in January, with the first public access offered at the ritzy Stanford Shopping Center mall in Palo Alto and at another mall in Los Angeles.
During a conference call scheduled for 2:30 p.m. Wednesday, Tesla is expected to face questions from analysts about Model 3 production.
Check back on this developing story.
Source:: East Bay – Business