Tesla reports record £523M loss

Shares fell by more than seven per cent after the electric vehicle manufacturer announced significant losses

Tesla reports record £523M loss
The company is trying to improve its manufacturing process of the Model 3, its newest car aimed at the mass market.

Tesla has this week revealed record loses but claims the business will be profitable later this year.

The carmaker puts the £523 million net loss in the three months to March down to ongoing production issues with its model-3.

It’s reported that Tesla can become profitable in the second half of 2018 if it can make 5,000 model-3 cars every week.

However, many say it’s an unrealistic target because it produced just 2,270 in the last week of April.

Tesla chief executive officer, Elon Musk said: “It’s high time we became profitable.

“The truth is you’re not a real company until you are [profitable].

“That’s our focus right now.”

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