Tesla has posted a net loss of $784.6 million in the quarter ended March 31, the highest in its history.
Analysts expected the electric automaker to post a record loss in the previous quarter due to its ongoing attempts to ramp up production of the Model 3. However, as CNBC reports, Tesla burned through slightly less cash than anticipated.
At the end of the quarter, Tesla’s cash pile sat at $2.7 billion and the firm expects to spend at least $3 billion this year. Despite this, chief executive Elon Musk said Tesla doesn’t want to raise additional capital for the moment.
Model 3 issues continue to hamper Tesla’s progress
Tesla remains steadfast in its belief that increasing production of the Model 3 will solve its money woes. In fact, with Model 3 production ramping up, the automaker believes it will be profitable in the second half of the year.
As it looks to increase Model 3 production, Tesla will add employees and shifts at its Fremont factory. In mid-April, it produced a record 2270 units of the entry-level sedan a week in mid-April. Ultimately, it expects to be building 5000 Model 3s per week in roughly two months. Despite this, Tesla will halt Model 3 production for 10 days in the second quarter to fix bottlenecks.
During Tesla’s earnings call, Musk caused some controversy as he labeled questions from analysts as “boring” and cut them off.