Tesla Lost $784 Million In The First Quarter

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.

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  • Belthronding

    Is it going to be happy ending story?

    • PK

      if tesla can turn the table then yes i guess.

      • Belthronding

        well,that was the point.

    • S3XY

      They can’t, Tesla is doomed. Hydrogen is the future.

      • Belthronding

        No.
        This is not @disqus_q9uEBGT1bm:disqus that we used to know.

    • Dr Strangefingger

      I get happy ending at Lotus Asian Massage when I ask the right questions.

  • LJ

    I could never be a business man. I have to see an immediate return for my investments. I can’t wrap my brain around spending millions/billions with the hopes of making a profit years down the road.

  • Dr Strangefingger

    I really hope Tesla makes it… sad, however, that the company is run by such an arrogant a hole.

    • S3XY

      Elon does what he wants. He is the best CEO. He is leading the rEVolution. No one else has disrupted industries like he has. If someone is arrogant its you.

      • Dr Strangefingger

        Your mom thinks I’m arrogant too. And she likes it.

  • S3XY

    – Model 3 is about to become the best selling mid size premium sedan in the United States, beating 4 Series, A4’s, C-Class, Lexsux’s….
    – Exponential production increase in Model 3’s per week.
    – Tesla needs zero capital to raise.

    But this site loves to post negative articles about Tesla for some reason. Really strange writers. Not very knowledgable.

  • Nick099

    Talk about gilding the lily.
    Bloomberg is reporting things differently.

  • LWOAP

    Daaaayuuuuuummmm. At this rate, they’ll reach over 1 billion by next year if things don’t change. I will also assume that this is probably all the more reason shareholders need to remove Elon as chairman if they actually do decide to vote on it.

    Anyway, inb4 Elon makes another announcement that drives up Tesla’s stock and all that.

  • BtheKing

    Wouldn’t “halting production for 10 days” be another bottleneck?!

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