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Teslaâ€™s full-year 2015 loss widens to $889M

11 February 2016 10:25 (UTC +04:00)

Baku - APA-Economics. Luxury electric car maker Tesla Motors Inc. said its fourth-quarter net loss nearly tripled to $320.4 million as the costs of launching its Model X sport-utility vehicle led to an 11th consecutive quarterly loss, the Wall Street Journal reported.

Tesla’s fourth quarter revenue rose 27% to $1.21 billion from $956.6 million a year earlier as deliveries of its new vehicles jumped 76% in the quarter. Its full year net loss was $889 million on revenue of $4.05 billion.

The auto maker projected that it would become net cash flow positive for the year after investing $1.5 billion in capital expenses, a figure slightly lower than the $1.6 billion it invested in 2015. Tesla’s supply of cash on hand fell to $1.2 billion at year end, down from $1.4 billion at the end of the third quarter.

Tesla had been burning cash a rate of more than $400 million a quarter for more than a year as its spending ramped up and deliveries of the Model X hadn’t begun. With the fourth quarter’s revenue gains, Tesla generated about $179 million in cash from operations in the quarter even as capital spending of $411 million dragged down its cash.