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Tesla misses big on first-quarter earnings as demand fell for its electric cars

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Executives braced investors for another loss in the second quarter before returning to profitability in the second half of the year.

Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1.Here's what Tesla reported, versus what analysts expected based on average estimates compiles by Refinitiv:

The company previously warned that first-quarter income will"be negatively impacted" because of"lower than expected delivery volumes and several pricing adjustments." That may be one reason shares remained flat after the quarterly update-- investors already anticipated some disappointments. CEO Elon Musk also noted that logistical challenges, and seasonality impacted sales for the first-quarter. People don't like to buy cars in the winter, he told analysts on a conference call.

Tesla CFO Zach Kirkhorn said that the average sale price of a Model 3 in North America today stands around $50,000.

 

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