Published on July 26th, 2019 | by Daniel Sherman Fernandez0
Tesla reports continued losses running up to 2019
Can Tesla Recover From This Huge Loss?
It has just been reported this week that Tesla has lost a massive USD408m (RM2 billion plus) in the three months to the end of June.
So far in 2019, Tesla has produced 72,531 Model 3 cars, up from 62,975 in the previous quarter and Tesla has reduced production of the Model S and Model X to just 14,517 units combined.
Tesla said it would cut expenditure in 2019 as it makes manufacturing more efficient continues to plan on opening a factory in Europe in the coming quarters.
Press Release: Tesla reported a net loss of $408 million, translating to a loss of $2.31 per share, a notable improvement from the $3.06 loss the company reported in Q2 2018. In contrast, analysts polled by FactSet expected Tesla to report an adjusted quarterly loss of $0.39 per share. Estimize, a crowdsourced platform that aggregates estimates from analysts, executives, fund managers, and academics, expected Tesla to report an adjusted loss of $0.25 per share.
Tesla reported a revenue of $6.3 billion for the second quarter, which is also a notable improvement over its figures from Q2 2018, a time when the company showed a revenue of $4 billion. Analysts polled by FactSet expected Tesla to report sales of $6.5 billion in the second quarter, while Estimize placed Tesla at a slightly more optimistic $6.6 billion.