Tesla Reports Wider Loss, May Open More Gigafactories Soon

Tesla beat revenue expectations but did have a wider loss than expected.

Author:: Jane King
Publish date:: Feb 23, 2017 7:23 AM EST

Tesla (TSLA) - Get Report beat revenue expectations but did have a wider loss than expected. The company also announced its Chief Financial Officer is leaving the company. It says production of the Model 3 is on track to begin in July. Tesla also indicated it may look to open more gigafactories soon but didn't provide any details. President Donald Trump today will meet with manufacturing industry CEOs. Earlier this week, several executives from the industry sent the President a letter arguing that the current tax system penalizes American factory growth and restrains business investment. The Dow Jones Industrial Average looks to a 10th straight day of record setting gains. Oil started the day higher, which gave stocks an early boost. Secretary of State Rex Tillerson and Department of Homeland Security Secretary John Kelly visits Mexico.