U.S. car manufacturer Tesla has published a report according to which its losses exceeded $700,000,000 in the first quarter of 2019. Reportedly, price corrections, cancellation of state subsidies in Canada along with their reduction in the USA, and the drop in car sales numbers are all partly to blame for the dive.
According to the report, Tesla earned $4.5 billion in January, February and March of 2019. It sold around 63,000 electric vehicles, including 50,900 Model 3 units. To put things into perspective, the company brought in $7.2 billion in the last quarter of 2018 (it still ended up losing nearly a billion USD that year, though).
Despite the gloomy financial outlook, Elon Musk stays hopeful, saying he expects to sell at least 360,000 cars this year.
Finally, one has to point out that the manufacturer continues to invest substantial money into research and innovation. For instance, it has recently released a microchip for self-driving cars that it claimed was 21 times more efficient than the one offered by NVidia.
Photo: Tesla