Elon Musk's Tesla Announces Record Loss

He blames Model 3 delays
By Rob Quinn,  Newser Staff
Posted Feb 8, 2018 3:16 AM CST
Elon Musk's Tesla Announces Record Loss
Elon Musk, founder, CEO, and lead designer of SpaceX, speaks at a news conference after the Falcon 9 SpaceX heavy rocket launched successfully from the Kennedy Space Center in Cape Canaveral, Fla., Tuesday, Feb. 6, 2018.   (AP Photo/John Raoux)

The day after Elon Musk sent a Tesla Roadster to space in the first test flight of SpaceX's new rocket, his electric car company chalked up a less impressive record. Tesla Inc. announced its biggest-ever quarterly loss Wednesday, a whopping $675.4 million loss for the quarter ending Dec. 31, the Guardian reports. The losses are mostly due to production delays for the Model 3, but the company still has sizable revenues and Musk says he believes it will return to profitability this year, reports Ars Technica. "If we can send a Roadster to the asteroid belt, we can probably solve Model 3 production," he said during a call with analysts Wednesday. (Musk made $10 million for his Boring Company with the sale of 20,000 flamethrowers.)

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