Tesla Reports Loss for Q4, Looks to 2017 For Growth
A merger with Solar City, expansion into the energy storage market, and roll out of Model 3 and solar roof makes for a busy 2017.
After reporting a profit in Q3, Tesla recorded a loss of $.69 per share on $2.28 billion of revenue for the fourth quarter.
Tesla, which dropped 'Motors' from its name last year to reflect its entry into the energy business, booked $7 billion in revenue, up 73% from 2015. Its letter to shareholders reports that the company expects to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017, and will accelerate expansion double the number of North American Supercharger locations this year. It also states that the Model 3 and solar roof launches are on track for the second half of the year.
The company is currently developing Model 3 prototypes in its Fremont factory, which is being retooled to start mass production later this year. Tesla plans to produce 5,000 vehicles per week "at some point" during 2017, and 10,000 vehicle per week at an unspecified time in 2018.
It's also expanding production capacity, and announced plans for two and possibly up to three additional Gigafactories. Gigafactory 1 began producing Powerpack 2 and Powerwall 2 in 2016, and Gigafactory 2 will be built in Buffalo, New York to manufacture solar roof materials with partner Panasonic. The locations for the three future Gigafactories has not been announced.