IN Monday was held Autonomy Day when Ilon Musk made two loud promises. We will keep an eye on them, but even if it happens, it will probably be a few years late. Now Tesla publishes his financial statement, which reveals that Musk once again did not keep his promise.
In the first quarter of 2019, his company reported much worse financial results than expected. Tesla's revenue amounted to $ 4.5 billion, the loss per share was $ 4.10, and the net loss of $ 702 million. Here is the fact that Musk did not keep his promise Tesla never again reported a quarter of red . He gave it at the end of the third quarter of 2018, when Tesla reported profit for the first time in the previous 15 years.
Not only that, but the results themselves are much worse than expected. According to an analysis published in Bloomberg, the expectations were for a loss of $ 1.30 and a net loss of $ 222 million.
Ilon Musk again hit him on promises
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The company attributes these results to the slowdown in the supply of cars, especially with the introduction of Model 3 in Europe and China. Here, it has to be said that the Tesla business model itself provides revenues from the sale of the car.
In addition, Tesla had to repay $ 920 million in bonds, which significantly aggravates the $ 2.2 billion cash cache situation.
The good news for the brand is that "Model 3 is again the best-selling luxury car in the US, making 60% more sales than the second."
On the other hand, Model S and Model X deliveries in the first three months are only 12,100 units, which is more than double the average deliveries of around 25,000 units per quarter over the past two years.
The company has highlighted a number of reasons for this, but we still have to see how the first reduction in the state subsidy will be reflected, as well as the unfolding ubiquitous competition, which will start to bite little of Tesla's sales.