Tesla Posts a Record Quarterly Loss of $619 Million USD
Elon Musk has been pushed to delay Model 3 manufacturing even further.
Tesla has revealed its largest quarterly loss thus far, confirming a net loss of $619.4 million USD and its delay in producing Model 3 by roughly three months. The electric automaker spent $1.1 billion USD in capital expenditures and paid an additional $325 million USD to repay a credit facility.
Elon Musk has been pushed to delay Model 3 manufacturing as it looks to rectify production bottlenecks. According to Reuters, Musk states the main reason behind the delay was its battery module assembly line at the Gigafactory. “I was really depressed about three or four weeks ago. We are on it, we’ve got it covered,” he said encouragingly.
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