Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand waned after the company lost a valuable tax credit for its buyers on Jan. 1.
On an unadjusted basis, Tesla lost $702.1 million, or $4.10 a share, compared with a loss of $709.6 million, or $4.19 a share during the same period last year. The company previously warned that first-quarter income will"be negatively impacted" because of"lower than expected delivery volumes and several pricing adjustments." Tesla said earlier this month it delivered 63,000 cars during the quarter, well below analysts' consensus estimates of 76,000. A $7,500 federal tax credit paid to buyers of its electric cars was cut in half Jan. 1, depressing demand in the first quarter.
They are looking to understand whether Tesla can profitably make the Model 3 after several price changes. Tesla briefly lowered the price of the Model 3 to $35,000 as originally promised, but quickly raised prices again.
There are mitigating logistical issues on the international ramp up, should have this worked out in Q2
Did sales of total EV increase during the same period? Are consumers switching to other brands?
Demand fell for Teslas dawg...don’t conflate it!
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