Tesla and SpaceX CEO Elon Musk just blasted the most powerful rocket into space, however Tesla’s losses are keeping the automaker grounded.
Tesla posted a record quarterly net loss of US$675 million in the fourth quarter, up from a net loss of US$121 million in the same period a year ago.
Production delays for its Model 3 sedan had Wall Street expecting the automaker to lose US$3.15 million a share in the fourth quarter.
However, Tesla’s adjusted fourth-quarter loss, of $3.04 per share, was ahead of Wall Street’s estimated loss of $3.15 per share.
The California-based automaker is struggling to meet production targets for its first mass-market car, the Model 3 sedan.
Tesla is also spending heavily on other vehicles in its future fleet, including a semi truck that’s supposed to go into production next year.
Clement Thibault, a senior analyst with the web site Investing.com, discussed Musk’s latest fundraising efforts for The Boring Co., his new tunnel-drilling company: “He appears to be more eager to sell hats and flamethrowers rather than meeting previously stated production targets for Tesla vehicles.”