Tesla posts $702M Q1 loss

Tesla co-founder and CEO Elon Musk revealed the company posted $702 million loss during the first quarter of 2019. This is the fourth-biggest loss since Tesla went public in 2010.

Tesla was said to have delivered about 63,000 cars during the first quarter of the year. In 2018, its third- and fourth-quarter deliveries stood at 83,500 and 90,700 units, respectively. CEO Elon Musk explained shipping its entry-level model to customers in North America, in Asia, and in Europe from a single factory is a nightmare.

He expects the company will deliver between 90,000 and 100,000 cars. And, he promised the company will return to profitability by the third quarter of 2019 “as the impact of higher deliveries and cost reduction take full effect.”

In May 2019, he reportedly told investors that the firm’s big investment in autonomous technology will ultimately boost the company’s total value to $500 billion.

Tesla also plans launch its own insurance business soon. This is because the company feels its cars are normally more expensive to insure through bigger providers than comparable vehicles from more mainstream brands.

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