According to report, Tesla loss about $671 million which is the largest ever quarterly deficit — dropping from a $22 million net profit recorded for the same period last year.
The electric-vehicle company attributed the loss to ramping up Model 3, pushing back its timeline of producing 5,000 Model 3 vehicles a week from the fourth quarter of this year to the first quarter of 2018.
Tesla CEO Elon Musk who spoke in the earnings conference call from the Gigafactory said “There are thousands of processes to build the Model 3,”
“We can only move as fast as the least competent elements of that mixture.”
Musk added that Tesla would be producing “well into the thousands” of Model 3 sedans by the end of the year, hitting 5,000 per week by March 2018. He did not say how many units the automaker built in October.