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Tesla’s Losses Triple as Deliveries Rise
Tesla Motors Inc.’s third-quarter revenue rose 10% to $937 million, and deliveries of its electric cars jumped 49% to 11,600 units.
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Tesla Motors Inc.’s third-quarter revenue rose 10% to $937 million, and deliveries of its electric cars jumped 49% to 11,600 units. But the company’s net loss tripled to $230 million.
Tesla says its product development spending rose by one-third in July-September. The company also spent nearly $400 million preparing its California factory to build the Model X crossover and to continue construction of its $5 billion battery making plant in Utah.
CEO Elon Musk says the company expects to deliver at least 17,000 cars in the fourth quarter, which would bring full-year sales to 50,000-52,000 units.
Musk reiterates that the company expects to unveil a prototype of its third car, the moderately priced Model 3, in March. Tesla’s ability to transition from a money-losing niche player to a profitable mass-market EV producer hinges heavily upon the success of the Model 3.
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