Tesla reveals Model 3 launch date as Q4 misses

Tesla CEO Elon Musk has confirmed through Twitter that the Model 3 will be partly unveiled on March 31st and that the company is going to start accepting reservations for the new vehicle in stores the very same day.

Tesla lost $889 million, or $6.93 per share, for the full year.

Even though gas prices have fallen dramatically, Tesla has seen high demand for its Model S luxury sedan and its SUV crossover, the Model X.

Revenue: The company was expected to post fourth-quarter revenue of $1.85 billion, a 69% jump from $1.1 billion a year earlier, according to analysts’ estimates.

Tesla is reportedly hoping that the Model 3 will be their accessible, entry-level money maker, since it’s far more affordable than the Model S or Model X. In keeping with the more affordable approach to the Model 3, Musk added that no “signature” version of the auto would be released.

But cars and public charging stations for now remain Tesla’s main squeeze.

Tesla Motors Inc (NASDAQ:TSLA) which has been a hot subject of negative commentary from Wall Street over the past month, took off more than 10% in afterhours trading on Wednesday, as investors overlooked below par earnings and celebrated a strong future outlook from Tesla.

Tesla expects to start delivering the Model 3 in “late 2017”. The Model X, for instance, finally began shipping late last year after a two year delay. The automaker, founded in 2003, has never made a full-year profit. It will start creating positive cash flow in March. It also expects to achieve an adjusted full-year profit despite a planned investment of $1.5 billion in additional production capacity in Fremont and new cell production at its battery factory in Nevada. The loss, of $2.44 per share, compared to a loss of 86 cents per share in the same quarter a year ago.

The Palo Alto automaker said revenue rose 27% to $1.2 billion for the quarter as worldwide deliveries of its Model S sedan increased to 17,478.