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Posts Tagged ‘Model 3’

Tesla Loses Nearly $900 Million in 2015

Stock price jumps after Model 3, profitability news.

by on Feb.11, 2016

Tesla CEO Elon Musk delivered sour financial results, but the company's stock rose 9% anyway on bright product news.

Tesla announced it lost more money in the fourth quarter of 2015 than it lost in all of four quarters of 2014 — $320 million compared with $294 million – and its stock rose 9%.

In fact, Tesla lost $889 million on revenue of $4 billion for the full year compared with a loss of $294 million on revenue of $3.2 billion in 2014 on an unadjusted basis. Tesla’s adjusted full-year revenue of $5.29 billion was slightly below analysts’ forecast of $5.38 billion.

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Despite the annual loss coming in three times higher, investors were happy for three reasons. (more…)

Tesla, Panasonic Lock Down Gigafactory Deal

More details revealed about planned battery plant.

by on Jul.31, 2014

Tesla and Panasonic formally announced their plans to partner in the development of the new "Gigafactory" to make batteries for electric vehicles.

Electric carmaker Tesla Motors today formally locked down its alliance with Japanese electronics giant Panasonic, the two confirming they will move ahead on a planned $5 billion “Gigafactory” that is expected to become the world’s largest lithium-ion battery plant.

Tesla had earlier announced plans to build the Gigafactory, which it said was essential to its goal of taking battery cars to a more mainstream market segment with the launch of its $35,000 Model 3 later this decade.

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The partners revealed a number of new details about the battery plant as it confirmed signing a deal with Panasonic, but one fact remains unknown: where the Gigafactory will be built. The maker is considering five states for the project, which will eventually employ as many as 6,500 workers: Arizona, California, Nevada, New Mexico and Texas. (more…)