The American carmaker Tesla Motors (NASDAQ: TSLA) Co. recorded a net loss in the fourth quarter due to the rapid growth of expenses. There were only two profitable quarters in the company’s history so far, including the July-September 2016.
Adjusted loss was 69 cents per share, while analysts polled by Thomson Reuters expected on average a loss at 43 cents per share. Net loss decreased three times - from $ 2.44 to $ 0.78 per share, or from $320.4 million to $121.3 million.
At the end of 2016, Tesla recorded a net loss of nearly $ 675 million, or $ 4.68 per share.
Meanwhile, Tesla quarterly revenue rose to $ 2.28 billion from $ 1.21 billion a year earlier and was above the average forecast of Wall Street, at $ 2.19 billion. The annual revenue jumped 73%, to $ 7 billion against the expected $ 6.9 billion.
The CEO Elon Musk said during a teleconference, the preparation of the mass production of Tesla Model 3 is in line with the schedule. The production is expected to start in July. In the 4th quarter, Tesla expects to produce about 5000 sedans per week, and in 2018 this figure is expected to increase to 10,000 per week.
Musk announced that he will seek additional funding this year, the Tesla, although there is enough money to start Model 3.
"I think it makes sense to raise capital in order to reduce the risks", - said Musk, without specifying the time and tools for this engagement. Cash reserves of Tesla increased in the 4th quarter by $ 300 million to $ 3.4 billion on 31 December.
In addition, Tesla has confirmed that its former CFO Deepak Ahuja will be back in March, replacing retiring Jason Wheeler.
In the 4th quarter, Tesla received a record number of orders on the Model S sedans and Model X SUVs.