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Home / Business / Tesla lost $ 702 million last quarter, breaking its earnings record

Tesla lost $ 702 million last quarter, breaking its earnings record



The electric car company said Wednesday that it lost $ 702 million in the last quarter.

Wall Street was already preparing for what an analyst called "apocalyptic" results – but the results were still far worse than expected.
While the company had previously posted large losses of this magnitude, analysts surveyed by Refinitiv predicted Tesla ( TSLA ) for the company's approximately $ 301 million quarter , The actual number was more than twice as high.

Tesla shares fell slightly after the release of earnings, but rose again later.

CEO Elon Musk said during a conference call with investors that the last quarter might have happened was tough, but Tesla looks bright. "The demand for all three electric vehicle models from Tesla is great," he said.

"We also have many markets [abroad] that we have not asked for yet, especially the Model 3," Musk said. [1

9659007] Executives said they expect the cash stores to "grow steadily" over the coming months.

Tesla had made profits in the previous two quarters in a row. So Tesla in the last quarter, a profit of $ 139 million, with sales of $ 7.2 billion.

The company announced earlier this month that it delivered approximately 63,000 vehicles to customers in the first three months of 2019 – a 31% decline on the previous quarter and the largest decline Tesla has ever seen.

There were a few things behind the descent. First, the US government tax credit for Tesla was cut by half at the start of the year. Secondly, Tesla encountered "many challenges" that piled up the delivery of its vehicles abroad.

Tesla expects delivery numbers to increase sharply in the next quarter after these issues have been resolved.

Slower sales are bad news for Tesla as the company needs cash to repay its sizable debts. Tesla said it ended the quarter with $ 2.2 billion in cash that the company had previously described as "sufficient."

This is an evolving story. Check for updates.


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