Tesla's fourth-quarter net loss more than quintupled as the company continues to spend money at a torrential rate to ramp up production of its new mass-market electric vehicle.
Shares of the Palo Alto, California-based company were barely changed in extended trading. Tesla said in November that Tesla was "well capitalized" for the delayed Model 3 production schedule.
To access this content simply register belownow. And with traditional automakers slow to cannibalize their combustion engine vehicles, he thinks it's going to be hard for them catch up to on electric, despite the production problems plaguing Tesla's new Model 3 sedan, its first vehicle aimed at the mass car-buying market.
"If we can send a Roadster to the asteroid belt, we can probably solve Model 3 production".
Thibault added: "We've also noted in the past that we do not recommend shorting the stock, which is now selling for $343 per share, since Tesla stock doesn't respond to fundamental principles of valuation the way most other stocks do".
The company posted losses of $675.4 million on revenue of $3.29 billion, according to a letter to investors.
But Musk said that the company is still on target to produce 2,500 Model 3 vehicles by the end of Q1 and 5,000 units per week by the end of Q2.
Tesla reported a loss of $1.9 billion for the full year in 2017, up from $674 million in 2016.
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Tesla said Wednesday evening it's on track to produce 5,000 Model 3s per week by the end of its second quarter, a twice-delayed goal that the electric auto company had originally projected for the end of 2017.
Some analysts had predicted that sales of the Model 3 would cannibalize sales of the more expensive vehicles.
The niche carmaker has made inroads among luxury auto buyers with the advanced technology and innovative design in its Model S sedan and Model X SUV. A country known for a lot of things along the years, these days it has become the cradle not only of panda bears, but also electric cars.
However, Musk wasn't always this successful. He will join USA ride-hailing company Lyft as its new chief operating officer.
Just hours after SpaceX thundered its first Falcon Heavy rocket into space and secured its place as the most powerful launch system of its kind on Tuesday, company founder Elon Musk called for a new space race. But some analysts have questioned whether his myriad of other interests, from space exploration to tunnel boring technology, are a distraction at a critical time within Tesla. On average, 20 analysts polled by Thomson Reuters expected loss of $3.12 per share for the quarter.
Total revenue rose to $3.29 billion from $2.28 billion.
Excluding items, adjusted loss for the quarter was $513.1 million or $3.04 per share.