The day after Tesla and SpaceX CEO Elon Musk launched his Tesla Roadster into space, the company’s mounting financial losses were waiting for him back on Earth.
Tesla Inc. posted a record quarterly net loss of $675 million in the fourth quarter, up from a net loss of $121 million in the same period a year ago.
The automaker is struggling to meet production targets for its first mass-market car, the Model 3 sedan – the batteries of which are being built at the company’s Gigafactory in Northern Nevada.
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Tesla lost $1.96 billion for the full year. Tesla has never made a full-year profit since it went public in 2010.