Tesla Loses $619m In Disappointing Financial Quarter

Only 260 Model 3s were produced

2y ago

53K

Tesla has spent the last couple weeks responding to their well-publicized production woes by simply citing "bottlenecks" with Model 3 production. The company is deep into what Elon Musk has repeatedly called "Model 3 production hell," and it's hitting the company pretty hard.

Tesla posted record losses of around $619 million in Q3 2017, the worst financial quarter since the company's inception in 2003. This news comes hot on the heels of reports that the company actively tried to quash unionization efforts among employees; the company also just got done firing hundreds of workers after performance reviews.

Tesla's financial future is riding entirely on the success of the Model 3, but the company's still struggling to produce the cars in any meaningful quantity. Tesla delivered 50 or so cars at the launch event over the summer, and they have been trickling out to customers since then, but they only managed to produce 260 total Model 3s over all of Q3; this is under a fifth of the company's Q3 production target of 1500.

If Tesla can get more Model 3s built and better stick to its infamous S-curve production scale, it will likely encourage more people to buy not only the cars, but also invest in Tesla's solar infrastructure and home batteries. As it stands, however, it's doubtful that Tesla will be able to meet many of their goals before next summer, when the highest quantity of Model 3s are projected to be delivered.

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Comments (25)

  • Tesla is just a hype and within 5 years from now, history. Do a Google on the Hesla. Thats how the future of the EV looks like: hydrogen. There is nothing innovative to what Musk dreams of. His cars are technically still based on the first EV prototype build: 1835, by Professor Stratingh. The lack of innovative tech, and shortages of rare metals needed to produce either an EV OR the needed battery pack will do the rest. Lithium and Cobalt prices have reached skyhigh new records; making old fashioned EV like Tesla soon very, very expensive. Watch the movie 'blood diamonds' with DiCaprio and you have some insight how the Planets deposits of Lithium, Cobalt and Platinum are harvested...

      2 years ago
    • This 👆

        2 years ago
    • I agree on your assesment about the mineral-based batteries future, but wouldn't call Tesla a hype because they've gone and did it, while thru the years the big car makers only presented concept cars or poor solutions. Hydrogen fuel cells...

      Read more
        2 years ago
  • When are people going to realise that Tesla is just a Ponzi scheme.

      2 years ago
  • Fully electric cars, unless fully solar powered, are the equivalent to an evolutionary dead end.. think about it, the electricity the cars need come from power companies, which (most of them) still need fossil fuels to produce the power.. not a real solution but just adding more steps to the problem.. tesla is the panda bear of the automotive world.. cool to look at but truly and utterly useless..

      2 years ago
    • This is a terribly narrow-minded view you have. Tesla aren't as stupid as you clearly think. They have their own solar infrastructure and by the time fossil fuels become either too expensive to extract, or, actually run out, their solar...

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        2 years ago
    • I'm with Oc Yousif on this. I get where you're coming from Steve Ellis but quite frankly there is very little money to be made if electricity is being made for free. Money talks and our decrepit governments around the world listen.

      I don't...

      Read more
        2 years ago
  • I hate when people knock Tesla... they are doing what everyone said could not be done... they have innovated not only cars but off grid power. They are doing good works damn it so support them let’s see what this world

    Can do with out petrol.. good on them for paving the road... and shame on people saying told you so.

    Sean out

      2 years ago
  • Good enough for them:-)

      2 years ago
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