Get a Hartford Courant subscription for less than 29 cents per day
Topics

Elon Musk

Tesla's 4Q net loss doubles but shares up on outlook

Tesla Motors posted its 11th straight quarterly loss Wednesday, and its results badly missed Wall Street's forecasts. But the electric car maker's shares soared anyway on news that its lower-priced Model 3 sedan is on schedule to be released next year.

Tesla said it will unveil the much-anticipated $35,000 car on March 31 and expects to start production at the end of 2017.

CEO Elon Musk said he's not worried about competition from the all-electric Chevrolet Bolt, which will have a similar price tag and range and will go on sale at one year before the Model 3. He noted that Model S sedan sales rose in 2015 even as luxury competitors like the Audi A7 and Lexus LS...

Loading