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American electric car manufacturer Tesla has posted a 121 million dollar (115 million euro) net loss for its fourth quarter. Its previous quarter had resulted in a 21.9 million dollar (20 million euro) profit.
Looking forward to Model 3
The company was not able to continue its third quarter success, which was its first quarterly profit since 2013. An important sidenote is that Elon Musk deliberately moved a huge investment, destined for the Model 3 launch, to the fourth quarter. This new model, available in the second half of 2017, should be Tesla’s major breakthrough: at 35,000 euro, a wider audience should be able to afford it. Tesla really needs the Model 3 to be a success, because its competitors, with BMW and General Motors as the front runners, are also targeting this particular market.
Tesla’s quarterly turnover reached 2.28 billion dollars (2.1 billion euro) and investors still have a positive outlook, despite the new losses: shares shot up 3 % after the financial results were published. In the past quarter, Tesla’s share grew 43 % in total.
