Tesla shares rise despite reporting losses – Terra Peru

Tesla Motors reported Wednesday that recorded its eleventh consecutive quarterly loss and its results fell far short of Wall Street forecasts, but still recorded an equity boost with the news that its sedan model 3 of lowest price will be introduced next year as scheduled.

fILE – This file photo September 29, 2015 shows a car Tesla Model X during his presentation at the company headquarters in Fremont, California. Tesla reported financial results on Wednesday, February 10, 2016.

Photo: AP Photo / Marcio Jose Sanchez, file / AP in Spanish

the electric car manufacturer said it will present the highly anticipated car of $ 35,000 on March 31 and expects to start production in late 2017 .

Elon Musk, CEO of the company, said he is not worried about competition from electric car Chevrolet Bolt, which will have a similar price and autonomy, and will go on sale a year before the Model 3. he noted that the Model S sedan sales increased in 2015 despite the fall of luxury competitors like the Audi A7 and Lexus LS.

“Tesla is doubling about its cumulative sales every year. I think that’s pretty exciting and unusual,” Musk said in a conference call with analysts and media.

Tesla shares had fallen in recent days amid fears of investors that was postponed the presentation of the Model 3. In addition, investors were not happy with the pace of production the new SUV Model X. the company delivered only 206 trucks in the fourth quarter and reduced production last month to solve some problems of quality.

But Tesla said Wednesday that it is accelerating the production of the Model X and expects to build 1,000 trucks per week for the second quarter.

Musk said the past months have been “extremely difficult” because the company has faced several setbacks, including problems with fringes chrome door Model X and the windshield. Said the company added too many new features while the Model X.

“There was some excessive confidence in ourselves, in X,” Musk said. “The result is that the Model X is an amazing car. I think honestly it is the best car in history”.