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Tesla’s 4Q Loss Triples
Tesla Motors Inc. hiked revenue 27% to $1.2 billion in the fourth quarter of 2015. But its net loss for the period ballooned to $320 million from $108 million a year earlier.
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Tesla Motors Inc. hiked revenue 27% to $1.2 billion in the fourth quarter of 2015. But its net loss for the period ballooned to $320 million from $108 million a year earlier.
Operating costs for the period surged 42% to $479 million as the company struggled to launch its delayed Model X electric crossover vehicle.
Tesla’s full-year net loss in 2015 more than doubled to $889 million as revenue grew 27% to $4 billion. Deliveries of Model S and a few hundred Model X luxury EVs totaled 50,600 units, up from 50,000 in 2014.
CEO Elon Musk says the company will hike output of Model X vehicles to as many as 1,000 per week in the second quarter. He predicts Tesla’s sales this year will top 80,000 units. The company forecasts an adjusted operating profit for the year and a net profit in the fourth quarter.
Tesla’s next big cash drain will begin later this year as the company tools up for the Model 3 electric sedan due at the end of 2017. The $35,000 car will be Tesla’s first mass-market EV and is widely considered critical to its financial stability.
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