Tesla on Wednesday reported a wider-than-expected loss for the third quarter, but beat on revenue.
Here are the key numbers (expectations via Bloomberg):
- Adjusted loss per share: $2.92 (-$2.23 expected)
- Revenue: $2.98 billion ($2.39 billion expected)
- Free cash flow: –$1.4 billion (-$1.2 billion (expected)
The company said it plans to produce 10% fewer units of its Model S and Model X models in the fourth quarter.
For its newest Model 3 vehicle, the company said it expects to hit a production rate of 5,000 vehicles per week by late in the first quarter of 2018.
“While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it difficult to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear,” Tesla said in its statement.
Tesla’s negative free cash flow expanded to $1.4 billion, more than badysts’ forecast for -$1.2 billion.
Tesla’s stock has surged 51% this year, and its market cap has at some point surpbaded that of older rivals including Ford, Fiat Chrysler, and General Motors. The stock fell 3% on Wednesday ahead of the earnings release.
More to come, refresh this page for updates.
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