Tesla reports quarterly losses and expects more for the next quarter
Apr 25, 2019
Tesla has reported a loss of $702 million during the first quarter and predicts it won't go back to profitability until the third quarter of 2019. The electric car manufacturer ended the quarter with $2.2 billion in cash, a reduction of $1.5 billion mainly due to the fact it had to repay a $920 million bond. Despite these results, Tesla has pledged that it's still on track to deliver 360,000 to 400,000 this year. Analysts believe that Tesla's performance is similar to the current state of the auto market worldwide, which is the reason why Tesla has focused more on touting its self-driving technology as an alternative source of revenue.