SUBSCRIBERS

Tesla assures investors Model 3 is on track as cash burn continues

Keeping the sedan's arrival on course is essential to supporting the carmaker's high-flying share price

Published Thu, May 4, 2017 · 09:50 PM

San Francisco

TESLA Inc assured investors its highly anticipated Model 3 sedan is on track to begin production, mitigating concerns that the carmaker led by Elon Musk is burning through more cash to bring the vehicle to market.

The Model 3 remains on schedule for output to start in July, Tesla said on Wednesday as it reported first-quarter earnings results in a letter to shareholders. Excluding some items, Tesla lost US$1.33 a share, a bigger deficit than analysts estimated.