Tesla shares crash on quarterly record loss, and details of Model 3 delays
San Francisco — Tesla on Wednesday pushed back its target for volume production on its new Model 3 sedan by about three months, saying it was difficult to predict how long it would take to fix all production bottlenecks. The company also reported its biggest quarterly loss yet, sending shares down nearly 5% after hours as the loss was bigger than analysts had expected. Tesla, led by Silicon Valley entrepreneur Elon Musk, faces a crucial test in its growth strategy as it ramps up production of the Model 3, its new sedan that starts at $35,000, about half the price of its flagship Model S. Although Tesla has made inroads among luxury car buyers with the advanced technology and innovative design in its Model S sedan and Model X SUV, it is the Model 3 on which its long-term viability rests. The company continues to burn through cash, and spent $1.1bn in capital expenditures in the third quarter. The company now expects to be building 5,000 Model 3s each week by late in the first quarter...
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