Tesla recently announced the largest quarterly loss in the company’s history and stated that they would be slashing production on their Model X and Model S cars to focus resources on the development of their Model 3 vehicle.
Business Insider UK reports that Tesla announced on Wednesday the largest quarterly loss in the history of the company. Bloomberg also reported some key numbers from Tesla’s announcement which can be found below:
Adjusted loss per share: -$2.92 (-$2.23 expected).
Revenue: $2.98 billion ($2.39 billion expected).
Free cash flow: –$1.4 billion (-$1.2 billion expected)
Tesla stated that they would be producing approximately “10 percent fewer,” Model S and Model X cars in the fourth quarter in an attempt to increase production of their new Model 3 sedan. The company hopes to hit a production rate of approximately 5,000 vehicles a week by the end of the first quarter of 2018.
(Excerpt) Read more at breitbart.com ...
