Tesla posts big loss
Tesla has reported a wider-than-expected quarterly loss, according to Yahoo Finance. “Tesla’s negative free cash flow swelled to £1.4 billion, more than analysts had expected,” stated the report. The company said it would cut production of its Model S and Model X vehicles to “redeploy resources toward the Model 3”.
This is set to result in a 10% drop in production for the two models. Tesla then expects to produce 5,000 Model 3 vehicles a week by the end of Q1 2018. This follows Tesla head Elon Musk recently describing the Model 3 as being “deep in production hell”.
Its Q3 statement also reported revenue of £2.98 billion and an adjusted loss per share of -£2.92.