Tesla electric cars bring losses to the manufacturer

The EVs manufacturer Tesla has announced the largest quarterly losses in the history of the company related to the production of the “budgetary” Model 3, BBC Ukraine reports.

This is about the fourth quarter of 2017, losses in this period amounted to 675 million dollars compared to 121.3 million a year earlier. Revenues, however, increased from 2.28 billion to 3.29 billion.

This year, Tesla expects to gain a quarterly positive operating income, and by the end of the first quarter of 2018 will focus on the production of the Model 3 in quantity of 2,500 units, and by the end of the first half-year- up to 5,000.

Although the company agreed that it was difficult to give certain production forecasts when working on the Model 3. In November 2017, Tesla postponed the production of the new Model 3 and acknowledged that it lagged behind the plan for several months.

This model costs $35,000 and is the cheapest in the Tesla’s line-up. The automaker sets hopes on its good marketing. For comparison: the Model S and X cost 70,000 dollars each.

Analysts are optimistic, and further delays in the Model 3 production are not expected. However, investors are on the alert, and the company’s share price fell.

In March 2017, the Chinese company Tencent Holdings purchased a 5-percent share of Tesla for almost $1.8 billion.

In the photo –  The Tesla Model 3 (2018)

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