Tesla posted a loss of $675 million for the quarter, a rather significant increase from the $121 million loss it posted during the same quarter a year ago, and the worst profit figure the company has ever recorded.
Not exactly what you’d expect with the world living in a Musk-bubble for the past 12 months.
Tesla are optimistic about the downturn in profit and blowout in costs as their Model 3 is expected to ramp up its production. In fact they’re so optimistic they fully expect to turn into a profitable company this year.
This of course is reliant on their factory hitting production targets, which they’ve indicated March’s new target to be 2,500 Model 3s per week. An improvement over current output but far behind their initial targets for the same period.