Economy, Auto

Investors Calm About Tesla Loss

Investors Calm About Tesla LossInvestors Calm About Tesla Loss

Tesla lost a record $671 million in the third quarter, but most investors preferred to avert their gaze from ‘mundane short-term problems’ and cling to their big vision for the future. The record quarterly loss compared with a small profit in the same period last year of $22 million, but investors were more concerned about the production prospects for the Model 3, Tesla’s so-called mass market electric car, Forbes reported. The target of making 5,000 Model 3s a week was pushed back to the first quarter of 2018 because of various production problems, mainly battery assembly at the Nevada Gigafactory. Tesla’s share price has been on the slide since mid-September’s high of $389.61, and fell to around $331 the day before the financial results were released Wednesday afternoon. The stock then dived to close at $299.60 Thursday.

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