DETROIT (AP) – 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.
Tesla’s shares had fallen in recent days as investors worried that the Model 3 would be delayed. Investors also weren’t happy with the slow ramp-up of Tesla’s new Model X SUV. The company delivered only 206 SUVs in the fourth quarter and it curtailed production last month to work out some quality issues.
But Tesla said Wednesday that it’s accelerating Model X production and expects to produce 1,000 SUVs per week by the second quarter.
Tesla shares rose 13 percent in after-hours trading to $163.07. They are down 40 percent this year through the close of regular-session trading Wednesday.