As Model 3 delays continue, Tesla loses $675M in quarter

The day after Tesla and SpaceX CEO Elon Musk blasted his Tesla Roadster into space, his electric car company’s mounting losses brought him back to Earth again.

Tesla Inc. posted a record quarterly net loss of $675 million in the fourth quarter, up from a net loss of $121 million in the same period a year ago. The Palo Alto, California-based automaker is struggling to meet production targets for its first mass-market car, the Model 3 sedan. It’s also spending heavily on future vehicles, including a semi that’s supposed to go into production next year.

Tesla lost $1.96 billion for the full year, nearly three times its loss of $675 million in 2016. The company has never made a fullyear profit since it went public in 2010.

Tesla’s adjusted fourth-quarter loss, of $3.04 per share, was ahead of Wall Street’s estimated loss of $3.15 per share, according to analysts polled by FactSet. The adjusted loss eliminates onetime expenses, including stockbased compensation. Revenue for the quarter was $3.3 billion, which was in line with analysts’ forecasts.

Tesla’s total revenue for 2017 was $11.8 billion, which was also in line with analysts’ forecasts.

Musk is a masterful marketer, and the red ink may not stem investors’ excitement. The company’s shares jumped 3 percent to $345 in afternoon trading after SpaceX successfully launched its Falcon Heavy rocket on Tuesday with Musk’s cherry red Roadster as its cargo. The convertible, with a dummy in a space suit at its wheel, is now heading toward an asteroid belt between Mars and Jupiter. Tesla’s shares are also in the stratosphere, up 8 percent from the start of this year.

While Tesla’s true believers love these stunts, some analysts are questioning whether Musk