Tesla Inc lost US$700 million in the first quarter but predicted it would return to profit in the third quarter as it cut costs and improved delivery after facing issues ramping up shipments outside the United States.[SAN FRANSISCO] Tesla Inc lost US$700 million in the first quarter but predicted it would return to profit in the third quarter as it cut costs and improved delivery after facing issues ramping up shipments outside the United States.
The company which is ramping up production of its Model 3 electric sedan, the vehicle Tesla sees as the key to future success, stood by its 2019 delivery forecast of 360,000 to 400,000 vehicles and said it may produce as many as 500,000 vehicles if its factory in Shanghai reaches volume production in the fourth quarter.sentifi.comChief executive Elon Musk on a call discussing the results said that global deliveries were"the most difficult logistics problem" he had ever seen.
Tesla said it planned to deliver 90,000 to 100,000 vehicles to customers in the second quarter, where it predicted that an estimated loss would be"significantly" less than the US$702 million lost in the first quarter.The gross profit margin on the Model 3 - a focus for investors - remained steady at 20 per cent.
Excluding some items, Tesla lost US$1.77 per share, compared with Wall Street expectations of a loss of 69 cents, according to data from Refinitiv.
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