Tesla Reports Q4 2016 Financial Results (Feb 22, 2017)
The last in our trio of financial results today comes from Tesla. This Wall Street Journal piece from this morning does a great job highlighting some of the investor enthusiasm about Tesla in the face of its continued failure to hit expectations and deliver on its own production and other promises. In the end, today’s results were a mixed bag – both production and deliveries in Q4 were down slightly on Q3 but well up on Q4 last year, revenue was up almost double year on year, and the Solar City business looks to be breaking even on gross margin. But overall, the company had big net losses, ate massive amounts of cash in the quarter, and continues to be a long way from its production targets for the Model 3 which is supposed to start shipping in July. It’s also about to embark on a huge increase in battery production, with three additional Gigafactories being planned for construction starting later this year. Meanwhile, the company’s valuation is now ahead of Nissan’s, despite producing losses and massively fewer cars – the power of trajectory and belief in a disruptive business model.
via Tesla (PDF)
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