Tesla Motors via Reuters
Electric car manufacturer Tesla has harvested its biggest quarterly loss and said he “learned many lessons” from its crucial Model 3 production plans.
The company’s future hangs on the Model 3 sedan, but has struggled with the production of bottlenecks.
Tesla reported a loss of $675.4 m (Â£487m) in the three months to 31 December, compared with $121.3 m in the previous year.
But he said that revenues rose to $3.29 billion, up from $2.28 bn, and that it was addressing Model 3 production problems.
“Some time in 2018, is expected to start generating positive quarterly operating income on a sustained basis,” Tesla, which is yet to make a profit, said Wednesday.
Despite the continuity of the production bottlenecks, the electric car manufacturer said that he would continue to guide the Model 3 the production rates of 2,500 by the end of the first quarter of this year, and 5,000 by the end of the second quarter.
However, he added a warning that “our previous experience of the Model 3 of the ramp has shown the difficulty of anticipating the specific production rates at specific points in time.”
The Model 3 went on sale in the U.S. last year at a price of $35,000. It is a medium-sized car, which Tesla describes as its most affordable, and the hope that have a mass market appeal.
It is significantly cheaper than Tesla’s current models – the Model X, an SUV, and the Model S, a sporty saloon, both with a price of more than $70,000.
Analysts said that the first impressions of the results of the company were optimistic. “There are No more delays in the Model 3 the planned production must be taken in a positive way,” said Efraim rate of CFRA Research.
Investors were not so sure of themselves and yet the company’s shares dipped in after-hours trading.
Tesla was founded in 2003 and is controlled by the entrepreneur Elon Musk, who is also the owner of the space rocket company, SpaceX. It has 330 store and service locations throughout the world.
The past month of March of China Tencent Holdings bought a 5% stake in the company for almost $1.8 million.