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November 2, 2017 02:00 am

Tesla Posts Biggest Quarterly Loss, Slashes Production of Model X and Model S

Tesla has reported the largest quarterly loss in its history, and said it was cutting production of its Model S and Model X vehicles. Here are the key third-quarter numbers with expectations via Bloomberg: 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). Yahoo News reports: The company said it plans to produce 10% fewer units of its Model S and Model X models in the fourth quarter and reallocate resources to the Model 3, its newest. Tesla expects to hit a Model 3 production rate of 5,000 vehicles per week by late Q1 2018. "While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it difficult to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear," Tesla said in its statement. Tesla said in October that it produced only 260 vehicles, well below its target of 1,500. CEO Elon Musk said the Model 3 was "deep in production hell."

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