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Tesla Loses Big Money in 2017: $1.96B

Model 3 production issue escalate expenses, offsetting record revenues.

by on Feb.07, 2018

Production of the new Model 3 has run into some snags, according to Tesla.

Tesla reported its revenues rose in the final quarter of 2017 to $3.3 billion, which was better than last year’s Q4 result of 2.3 billion. However, the increased revenue also brought a bigger loss of $675 million, or 4.01 a share, compared with $619 million, or $3.70 a share.

For the full year, revenue rose 55.7% to $11.7 billion due in large measure to achieving record sales results for its Model S and X electric vehicles; however, the company still lost money for the year and is well behind early production goals for the Model 3.

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The company lost $1.96 billion, or $11.83 a share, this year compared with $694 million, or $4.68 a share, in 2016 as its operating expenses were nearly double from the year-ago figure. (more…)