Musk's Tesla electric vehicle and energy storage company lost $675.4m in the three months ending December 31, the company announced on Thursday, February 8, compared with a loss of $121m for the same period previous year.
"At some point in 2018, we expect to begin generating positive quarterly operating income on a sustained basis, operating 5,000 a week of Model 3 production", he said.
SpaceX Founder Elon Musk partied hearty at Fishlips Waterfront Bar & Grill at Port Canaveral in celebration of the historic launch of his Falcon Heavy Rocket on Tuesday afternoon from Kennedy Space Center's iconic Pad 39A.
Tesla, which was only founded in 2003, is now worth $8bn, more than the Ford Motor Company and a fraction less than General Motors, the biggest vehicle manufacturer in America. For example, he said, the company has almost completed an automated battery module assembly line which will speed production at its Nevada battery factory.
The company said it's "systematically addressing" production bottlenecks that have plagued the Model 3. "It's just a matter of time", Musk said on a conference call with analysts.
Tesla's market cap is now $56.1 billion, up 35 percent from $41.6 billion from a year ago. The company has now pushed back that milestone until the end of June.
As Tesla continues to face headwinds on the ramp-up of its Model 3 vehicle, the automaker has seen a continued increase in used vehicles purchased.
Musk has an estimated net worth of about $21 billion, and is regularly on lists of the world's richest people. But he also said the company had learned many invaluable lessons from the troubles, and made major strides in efficiencies along the production lines.
CEO PAY: This will be Musk's first earnings call since last month's announcement of a proposed all-or-nothing pay package for him.
Musk's oversized ambitions, if realized, could allow the billionaire to earn as much as $55.8 billion in Tesla stock in the next decade under a new compensation plan that prioritizes a 10-fold boost in the company's market value over profitability. If Tesla doesn't meet those goals, Musk won't get paid. The proposal must still be approved by Tesla's shareholders, who are scheduled to vote in late March.
So, for now, "it's all hands on deck for Crew Dragon", Musk said.
Catherine Wood, CEO of ARK investment management, said on CNBC that the feat reaffirmed her confidence in the company.
"It's kind of silly and fun, but I think silly, fun things are important", he added. All that costs money, which Tesla is burning through at a fast clip. The company finished the fourth quarter with about $3.4 billion, and it's planning slightly more than $3.4 billion in capital expenditures this year after spending that much in 2017. When Falcon Heavy was first announced back in 2011, Musk said it could fly within the next couple of years.