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Tesla runs into the biggest loss in its quarter

The car manufacturer suffered a loss of $675.4m in three months to 31 December

Tesla, the electric car making arm of Elon Musk, has seen its worst quarterly loss till date.

On Thursday, Tesla said that it suffered a loss of $675.4 million (£487 million) in three months to 31 December, compared with $121.3m a year before that.

Last year, the company lost over $2 billion.

Tesla said: “At some point in 2018, we expect to begin generating positive quarterly operating income on a sustained basis.”

The company has also launched the Model 3, a Semi truck and a Roadster.

The electric car manufacturer whose future is now very much dependent on the manufacture of its Model 3 sedan, is facing issues with its production and said that it has ‘learned many lessons’ from it.

Despite the losses, Tesla stated that its revenues had an upward graph to $3.29 billion, up from $2.28 billion.

Tesla will continue to target Model 3 production rates of 2,500 by the end of the first quarter in the current year, and 5,000 by the end of the second quarter.

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