Sunday, July 14, 2024
NewsAs Tesla reaches for the stars, it bleeds money

As Tesla reaches for the stars, it bleeds money

Less than two days ago, Elon Musk’s SpaceX ‘s Falcon Heavy Rocket launched into space with a Tesla Roadster strapped to its back. The waves following this impressive feat were felt around the world. Unfortunately, that’s where the good news ends.

Yesterday, Tesla announced that the company lost an eye-watering $675.4 million in the final quarter of 2017. By comparison, the electric car maker suffered a $121 million loss for the same period in 2016. The true sad news is that there’s no silver lining in sight.

Deliveries of the high-volume, highly anticipated Model 3 continue to be delayed. Many consumers put deposits down nearly two years ago, expecting delivery in the next few months. Updates from Tesla to these customers are indicating that they won’t get their car for another year…

Tesla seems unable to ramp up production and those that finally get their Model 3s are experiencing quality and reliability issues. Do you think Bob Lutz is right about Tesla closing up shop soon? That the Model S, X and 3s will quickly become collectable cars?

Advertisement

Trending Now

Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.