Tesla reports biggest-ever quarterly loss

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(Reuters) – Tesla Inc (TSLA.O) reported its biggest-ever quarterly loss on Wednesday as the electric-car maker spent more to speed up production of its more affordable Model 3 sedan.

Led by Silicon Valley entrepreneur Elon Musk, Tesla is struggling to overcome production bottlenecks as it builds the Model 3, seen as key to the company’s long-term profitability.

The company said in October it missed its Model 3 production goal for the third quarter, producing only 260 vehicles compared with an earlier target of 1,500, and Musk said last month the car was “deep in production hell”.

Tesla posted a net loss of $619.4 million, or $3.70 per share, for the third quarter ended Sept. 30 compared to a profit of $21.9 million, or 14 cents per share, a year earlier. (bit.ly/2lF0H65)

Revenue rose to $2.98 billion from $2.30 billion.