Daily Management Review

Biggest Quarterly Loss Ever Announced By Elon Musk's Tesla


02/08/2018




Biggest Quarterly Loss Ever Announced By Elon Musk's Tesla
Even while Tesla announced its biggest ever quarterly loss a day later, there has been no let up in the efforts of its founder and tech billionaire Elon Musk to foray into the space exploration segment.
 
A day before the latest financial reports were released by Tesla, an electric car from the company was sent to space. 
 
Teals announced on Thursday that for the three months ending 31 December, the company had made a total loss of $675.4 million with respect to the Tesla electric car and energy storage segments. In the same period a year earlier, the loss made by the company was $121 million.
 
The company is scheduled to launch and commercially roll out the next generation of electric cars which include the Model 3 sedan and a semi-truck among other products and it has been investing a lot of money for this purpose.
 
The company said that by the end of the first quarter of the current fiscal, it would potentially be able to manufacture about 2,500 Model 3s every week, this despite extensive reports of the company not being about to keep up with the targets of production that it has set for itself. The company has also said that there are plans to achieve the target of 5,000 vehicles every week already set by the company, by the end of the second quarter of the current fiscal.
 
A successful test flight of the Falcon Heavy rocket developed by Musk’s space exploration company SpaceX saw the rocket ferrying a cherry red tesla Roadster into space on Wednesday.
 
The car and its dummy driver are now heading towards the asteroid belt.
 
Noting an increase of 33 per cent compared to the number in 2016, 101,312 Model S sedans and Model X SUVs were delivered by tesla in 2017, shows data revealed by the company last month. but with production only staring off in July last year, delivery of the Model 3 was significantly low.
 
Production targets for the Model 3 had been postponed a number of times by tesla as the company only managed to churn out just 2,425 Model 3s in the fourth quarter. While at one point in time, there was a waiting list of over 500,000 people for the Model 3 from Tesla. However, the company has not it clear how many of that number would be still waiting f or the car.
 
Production was getting back on track, Musk said on a call with analysts. “If we can send a Roadster to the asteroid belt we can probably solve Model 3 production,” he said.
 
Over the next decade, if Musk is able to develop Tesla into a $650bn company, he would get a bonus of $55.8 billion which would potentially bee the largest ever for any individual. And till such time, thee founder foo the company has agreed to work without any pay being made to him by the company.
 
(Source:www.theguardian.com)






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