Tesla posts record $671 million loss in Q3

SAN FRANCISCO — Tesla Inc. posted a $671 million loss in the third quarter — its largest ever quarterly deficit — compared to a $22 million net profit recorded in the same period last year.

The electric-vehicle company attributed the loss to ramping up Model 3, pushing back its timeline of producing 5,000 Model 3 vehicles a week from the fourth quarter of this year to the first quarter of 2018. The company cited the battery assembly line at its Nevada Gigafactory as the primary constraint in Model 3 production, adding that it will reduce Model S and Model X production by 10 percent in the fourth quarter to move inventory and dedicate more manpower to Model 3 output.

“There are thousands of processes to build the Model 3,” said Tesla CEO Elon Musk, who spoke during an earnings conference call from the Gigafactory. “We can only move as fast as the least competent elements of that mixture.”

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Photo by: Candy Red Tesla Model 3.jpg: Steve Jurvetsonderivative work: Mariordo (Mario Roberto Durán Ortiz) [CC BY 2.0], via Wikimedia Commons