Finance Finance News Tesla doubles its losses

Tesla doubles its losses

Elon Musk says the mission is planned for next year. Photo: AAP Photo: AAP
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Electric car maker Tesla Motors says its net loss has more than doubled to $US320 million ($A450.80 million) in the fourth quarter, hurt by lower-than-planned production of its new Model X 4WD.

The loss, equal to $US2.44 per share, compared with a loss of 86 cents per share in the same quarter a year ago.
 Tesla said revenue rose 27 per cent to $US1.2 billion for the quarter as worldwide deliveries of its Model S sedan increased to 17,478.

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The company delivered only 206 Model X 4WDs.
 For the full year, Tesla lost $US889 million, wider than a $US294 million loss in 2014.

Palo Alto, California-based Tesla, which was founded in 2003, had never made a full-year profit. Growth had stalled in the fourth quarter and its shares fell 6.6 per cent at $US13.99 in after-hours trading.

Founder Elon Musk was having a bad year with his holdings in solar panel installer SolarCity and electric car maker Tesla were down a massive  $US3.3 billion ($4.64 billion) since the beginning of 2016.

Mr Musk was the largest single stake holder in both companies which had delivered investors losses of $US14.8 billion in 2016.

Both Mr Musk’s companies had been punished as the market hit companies with little profit and high valuations.

Falling oil prices had also reduced urgency and enthusiasm over alternative energy plays.

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