Tesla Inc (NASDAQ:TSLA) unveiled its quarterly results Wednesday, posting a loss that was wider than any previous quarter in the company’s history.
The company has been having trouble keeping up with the demand for its electric vehicles, prompting it to cut production of two vehicles. One such car is the Model X and the other is the Model S.
All in all, Tesla will reduce the production of these cars by 10% in the fourth quarter in order to reallocate these resources into improving its Model 3. For the first quarter of fiscal 2018, the company plans on producing 5,000 Model 3 vehicles per week.
As far as the company’s earnings are concerned, Tesla posted an adjusted loss per share of $2.92 per share, significantly wider than the loss of $2.23 per share that Wall Street predicted.
Revenue was a stronger point for the automotive company, coming in at $2.98 billion, ahead of the $2.39 billion that analysts called for. Tesla’s free cash flow fell to -$1.4 billion versus the -$1.2 billion projected by analysts.
“While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it difficult to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear,” Tesla said in a statement.
TSLA shares fell 3.8% after the bell Wednesday.
