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Tesla sticks by target of 5000 Model 3s by Q2, Musk warns spending may rise

Production delays have curtailed deliveries of the vehicle to customers - only 1,550 deliveries in the fourth quarter, far below the 4,100 vehicles expected by analysts

Reuters  |  SAN FRANCISCO 

Tesla Inc said on Wednesday it was sticking with Chief Executive Elon Musk's revised production targets for its Model 3 electric sedan, but posted its worst-ever quarterly loss, and warned that spending would increase slightly this year. Shares of the Palo Alto, California-based company were barely changed in extended trading. Money-losing Tesla's long-term viability depends on annually selling billions of dollars of Model 3s, the new sedan that starts at $35,000, about half the price of its flagship Model S. Tesla said that net reservations for the new model were stable ...

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First Published: Thu, February 08 2018. 07:33 IST
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