US electric vehicle manufacturer Tesla reported a surprisingly large loss of $ 702.1 million ($ 626.37 million) in the first quarter of 2019.
This is due to a drop in the sale of electric vehicles. Their search seems to be diminishing. Sales declined by 31% over the previous three months compared to the previous quarter.
Tesla warned that she would lose after registering two quarterly profits for the first time in her 15-year history.
Excluding one-off goods and compensation, Tesla reported a loss of $ 2.90 per share in the first quarter of 2019, which is worse than Wall Street's forecast. Analysts to whom FactSet had been calling expected a loss of $ 1.15 per share.
However, total sales rose 33% yoy to $ 4.5 billion. However, they are lagging behind analysts' forecasts, which have revenues of $ 5.42 billion.
Elon Musk, Chief Executive Officer, predicts last year's quarterly profits last year. However, Tesla had problems with lowering the price of the best-selling 3 electric car.
The company said it ended with $ 2.2 billion, which is $ 1.5 billion less than last year. Tesla announced a $ 920 million bond yield fall and an increase in the number of vehicles still on the way to end-of-quarter customers due to supply delays, especially in Europe and China. This makes the proceeds from their sales later.
The last quarters of Tesla produce around 63,000 models, which is 3% more than last year, but less than expected.