Tesla sees record quarterly loss

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Electric carmaker Tesla has notched up its biggest quarterly loss to date, sending its shares down more than 5% in after-hours trading.

It made a loss of $619m (£468m) in the three months to 30 September, up from $336m in the previous quarter. It saw a profit of $21.9m a year earlier.

The firm also delayed its production target for its new Model 3 car.

Tesla said it would now be producing 5,000 of the cars a week in early 2018, instead of December.

It added that it had produced just 260 of the Model 3 cars in the third quarter, rather than the 1,500 it had planned to build.

The Model 3, seen as Tesla’s best long-term hope, is priced at about $35,000, about half the price of its high-end Model S car.

Quarterly revenues were $2.98bn, 30% higher than the same period last year.

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