California, February 08: American electric automotive maker Tesla has reported their biggest revenue loss for the fourth quarter of 2017. The company incurred a loss of around $675 million, its biggest ever quarterly loss.
This came as surprise after the company posted a 55% year-on-year increase in revenue to $11.8 billion for the fiscal year 2017. Before entering the first quarter of 2018, the company had announced a cash balance of $3.4 billion.
The company had recorded a loss of $121m for the same period last year.
Elon Musk runs three different sectors viz. electric automotives, energy storage and solar panel manufacturing under Tesla.
This announcement of heavy loss came a day after the after the big success for his SpaceX company, also owned by the Elon Musk. Elon Musk made history by launching Tesla Roadster on top of Space X Falcon Heavy spacecraft which cruised through the space.