Tesla has posted its largest quarterly loss ever, confirming a net loss of $619.4 million and delaying volume production of the Model 3 by roughly three months.
In the most recent quarter, the electric carmaker spent $1.1 billion in capital expenditures and paid an additional $325 million to repay a credit facility. The results also confirm that Tesla raised $1.8 billion in August by selling debt and enjoyed a 30 per cent increase in revenue to $2.98 billion.
As the firm continues to burn through cash, Elon Musk has been forced to push back Model 3 volume production as it looks to rectify production bottlenecks. Consequently, Tesla doesn’t expect to build 5,000 Model 3s per week until late in the first quarter of 2018, well behind the December date it was originally targeting.
Speaking to Reuters, Musk said the main cause of 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 optimistically.
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