Tesla sticks with Model 3 production target, posts worst ever quarterly loss

(Reuters) - Tesla Inc (TSLA.O) said on Wednesday it was sticking with Chief Executive Elon Musk’s revised production targets for its Model 3, the electric sedan on which the company’s future rests, despite posting its worst-ever quarterly loss.

Net loss widened to $675.4 million, or $4.01 per share, for the fourth-quarter ended Dec. 31 from $121.3 million, or 78 cents per share, a year earlier. bit.ly/2nKYSTx

Revenue rose to $3.29 billion from $2.28 billion.

Tesla said last month it would likely build about 2,500 Model 3s per week by the end of the first quarter and that it plans to reach its goal of 5,000 vehicles per week by the end of the second quarter.