Tesla swings to $671m loss on Model 3 delays

Summary

Shares in Tesla, a longtime favorite of Wall Street, sank 4.7 percent in after-hours trade to $306.00 following its quarterly update, which also showed its net loss nearly doubled to $619 million—its largest deficit ever. Tesla has been under pressure to ramp up production of the Model 3, which at $35,000 could appeal to a broad market and is around half the cost of its other cars. But in its letter to shareholders, Tesla chief Elon Musk said boosting production of the Model 3 remains "challenging" given that the company is striving for a highly automated assembly process.

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