The company released its Q4 2017 result on Wednesday night in the United States, reporting negative free cash flow of $276.8 million - the lowest in more than a year - and $675 million in losses attributable to shareholders; notching up nearly $2 billion in losses for the whole year. The company told analysts in a briefing call that it is set to make some capital investments towards the end of the year towards the next EV in the series, the Model Y.
The reason for this push-back is reported to be because of the losses that the company has been facing over the last few quarters.
Tesla's fourth-quarter net loss more than quintupled as the company continues to spend money at a torrential rate to ramp up production of its new mass-market electric vehicle.
As Ars Technica put it "unlike other doomed companies posting dire losses quarter after quarter, Tesla revenues have been sizable..." Revenue for the quarter was $3.3 billion, which was in line with analysts' forecasts.
That approach paid dividends for a closely watched figure indicating how much money Tesla is using up: negative free cash flow.
Musk earned $49,920 a year ago, Tesla said Thursday.
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Overall there are 20 Minnesotans (and one alternate) on Team USA, the third-most after Colorado (31) and California (21). None of this means the intractable issues isolating the North from South - let alone the rest of the world - are solved.
Musk predicted that the company's next new electric vehicle, the still-under-development Model Y crossover, would eventually hit production of 1 million units per year. For example, he said, the company has almost completed an automated battery module assembly line which will speed production at its Nevada battery factory. "It's really taking a lot of lessons learned from Model 3 and saying how do we design something to be easy to manufacture instead of hell to manufacture".
"The competitive strength of Tesla long term is not going to be the vehicle (s), it's going to be the factory, we're going to productise the factory", he said.
- He is reasonably confident the company can reach positive cash flow probably in Q3, four or five months from now.
Some of the expenditures planned for this year are linked to what's coming next to Tesla's lineup.
Musk said Wednesday that the company got "complacent" and "a little overconfident" in its abilities.
The department tasked with pulling that off will now be reporting directly to the CEO after Lyft Inc. hired away Jon McNeill, who had been president of global sales and service at Tesla and an influential figure at the company.