Tesla Losses Reach $2 Billion in 2017, Elon Musk Still Confident

elon musk tesla model 3 losses earnings call

Tesla just hosted its first financial calls for 2018 and the numbers look grim: in 2017, the company reported a net loss of $2.24 billion.

In comparison, during 2016, Tesla only operated a net loss of $773 million, so that number is almost 3 times higher. It’s because of the Model 3 production issues like manufacturing difficulties in the Tesla Gigafactory near Reno, which Elon Musk anticipated since 2017.

He also used the opportunity to make a reassuring joke to investors and the public alike: “We were in a deeper level of hell than we expected, a few levels deeper than we’d like to be. But [we’re] swiftly exiting, I think. If we can send a Roadster to the asteroid belt we can probably solve Model 3 production.”

Indeed, Elon Musk has just sent a Roadster to space with a secret cargo aboard, igniting imaginations worldwide.

In other news, Tesla is on track to produce 2500 Model 3 per week by the end of March, planning to ramp up production to 5000 weekly units for the second quarter.

The Tesla Model 3 has a 215-mile range/charge and goes from 0 to 60 mph in under 6 seconds. It also includes autopilot capability and supercharging access. The base model goes for $35,000 and has a $1000 reservation payment.

We thank Adam Jacob Stahlecker, part-time Hawkeye for poking us on our slips in the text (of course you can’t see them now as we made the needed corrections).

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