Tesla has reported a record USD710m net loss from January to March this year, with the company blaming on-going Model 3 production issues.
However, Tesla CEO Elon Musk has insisted the company can turn its woes around and post profits later this year possibly as soon Q3 2018.
“It’s high time we became profitable,” said Musk. “The truth is you’re not a real company until you are [profitable]. That’s our focus right now.”
In 2016, the company built a total of 101,312 vehicles. But in recent months it has fallen short on production of its ‘mass market’ Model 3which is touted as a BMW i3-rivalling small electric car with a range of more than 300 miles.
In April the company was forced to suspend Model 3 production completely, which impacted heavily on the 500,000-strong order bank. Just 9,800 Model 3S were assembled between January and March 2018.
