Tesla Stock Slips After Surprise Loss in Q4 2023

Shares of Tesla Inc. fell sharply on Tuesday after the electric-car maker reported a surprise loss in the fourth quarter of 2023.

The company said it lost $201 million in the last three months of the year, compared with a profit of $3 billion in the same period a year earlier. Revenue rose 33% to $24.3 billion, but that was below analysts' expectations.

Tesla's stock price fell 12% in premarket trading, extending its decline over the past year to more than 70%.

The loss was due to a number of factors, including rising costs for raw materials and labor, as well as production problems at Tesla's new factory in Austin, Texas.

Tesla said it delivered 405,278 vehicles in the fourth quarter, up 31% from a year earlier. However, that was below the company's target of 500,000 deliveries.

Despite the challenges, Tesla said it remains confident in its long-term prospects. The company is investing heavily in its production capacity and plans to launch several new models in the coming years.

Analysts are divided on Tesla's outlook. Some believe that the company's stock is undervalued and that it has a bright future. Others are concerned about the company's ability to meet its ambitious production goals and to compete with rivals such as Ford Motor Co. and General Motors Co.