Has $4.47 Billion Stake in Tesla Inc. (TSLA)

Has $4.47 Billion Stake in Tesla Inc. (TSLA)

Has $4.47 Billion Stake in Tesla Inc. (TSLA)

Tesla, Inc. (NASDAQ:TSLA) last session's volume of 5.64 million shares was lower than its average volume of 5.76 million shares.

Wall Street is keeping a close eye on Tesla's earnings after it was previously reported that it plans to cut 40% of its Model 3 sedan parts orders because of a "production bottleneck".

The factory will produce Model S and Model X, but is meant to build primarily Model 3 and the forthcoming Model Y affordable crossover SUV, Musk said, since "it's really the only way to make the vehicles affordable for China".

Shares of Tesla (NASDAQ TSLA) traded down 1.648% during trading on Friday, hitting $326.067.

Tesla will no longer reach its long-stated goal of producing 5,000 Model 3 cars per week in 2017, pushing that deadline back amid production hiccups and a massive $619 million quarterly loss.

The company also reported its biggest quarterly loss ever, sending shares down almost 5 percent after hours as the loss was bigger than analysts had expected.

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Tesla said its primary production constraint has been at the battery module assembly line at its Gigafactory in Sparks, Nevada.

Tesla's soaring stock has made the company the second-most valuable USA automaker behind General Motors Co (GM.N), which had annual net profit of $9.4 billion in 2016. It also spent $325 million to repay a credit facility in the quarter.

Panasonic sees batteries as central to its plan to almost double automotive business revenue to 2.5 trillion yen by the year through March 2022.

Tesla's continued need for cash is exacerbated by Musk's insistence on vertical integration, such as making its own batteries and selling cars directly to customers.

On an adjusted basis, Tesla lost $2.92 a share, which was wider than expected, according to a consensus estimate from Thomson Reuters.

Tesla CEO Elon Musk had promised that the Model 3, which has more than 500,000 potential buyers on its waiting list, would be simpler to make than Tesla's previous vehicles and not plagued with the same delays. Excluding items, the company lost $2.92 per share. Revenue rose 2% to $16.10 billion, beating the FactSet consensus of $15.52 billion, as 9% growth in premiums, fees and other revenue offset a 7% drop in net investment income.

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