Now Elon Musk plunges to an Burton even bigger loss at Tesla

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Now Elon Musk plunges to an Burton even bigger loss at Tesla despite boosting revenues

City & Finance Reporter for the Daily Mail


Elon Musk’s Tesla plunged to even bigger losses last night despite boosting revenues.

Sales were slightly ahead of forecasts of £3billion for the second quarter of its financial year, compared to £2.1billion a year earlier. 

However losses hit a record £547million as the electric car maker cranked up production of its flagship Model 3.

Elon Musk's car firm Teslas's losses hit a record £547m as the electric car maker cranked up production of its flagship Model 3

Elon Musk’s car firm Teslas’s losses hit a record £547m as the electric car maker cranked up production of its flagship Model 3

Tesla said it expects to produce 6,000 per week by late August, with Musk saying it would need to carry on making at least 5,000 if it is to become profitable. 

Musk said: ‘We aim to lift production to 10,000 Model 3s per week as fast as we can.’

It came after what the chief executive and chairman has described as ‘the most excruciating, hellish several months I’ve ever had’.

Tesla has been racing to meet its long-promised goal of making 5,000 Model 3 sedans per week but has been dogged by delays.

The firm’s drive to produce more cars has caused it to burn through billions of dollars, with its long-term debts now standing at more than £8.2billion.

 

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