Tesla reports $702 million quarterly loss, promises return to profit by Q3
Tesla Inc
lost $700 million in the first quarter but predicted it would return to profit in the third quarter as it cuts costs and improves delivery after facing issues ramping up shipments outside the United States.
The company, which many analysts predict will need to raise funds for its expansion, said it ended its first quarter with $2.2 billion in cash after paying off a $920 million convertible bond obligation in March.
The company said it may produce as many as 500,000 vehicles if its factory in Shanghai reaches volume production in the fourth quarter.
Tesla said it would make a loss in its second quarter but predicted a return to profit in the third.
Autoblog
https://www.autoblog.com/amp/2019/04/24/tesla-reports-quarterly-loss/