In its latest quarterly earnings report, Tesla has posted $675 million net loss compared to $121 million net loss from a year earlier. However, during this time, the company has experienced an increased revenue of $3.29 billion for the quarter compared to $2.82 billion from the last quarter of 2016.
The latest figures mean that the company has only posted profits for only two quarters since it has become a public company. While the company continues to struggle with the production of Model 3, the company revealed that it might start generating positive quarterly operating income on a regular basis from this year.
The company said, “At some point in 2018, we expect to begin generating positive quarterly operating income on a sustained basis. With the planned ramp of both Model 3 and our energy storage products, our rate of revenue growth this year is poised to significantly exceed last year’s growth rate.”
Although Tesla’s struggle is set to continue during the first quarter of 2018, CEO Elon Musk revealed that it has acquired several automation startups to increase efficiency going forward. Musk also revealed that he will release detailed design and manufacturing plans for Model Y later this year.
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