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Tesla reported Wednesday wider-than-expected loss of $702 million, or $4.10 a share, in the first quarter after disappointing delivery numbers and other setbacks and costs threw the automaker off of its profitability track.
Tesla and CEO Elon Musk warned earlier this month that it expected first-quarter profits to be negatively impacted by lower than expected delivery volumes and several pricing adjustments. This was the first earnings report since losing a federal tax credit (more specifically half of it) for its buyers on Jan. 1.
Tesla - April - Vehicles - Quarter - Year
Tesla reported April 9 that it delivered 63,000 electric vehicles in the first quarter of the year, nearly a one-third drop from the previous quarter. Deliveries included about 50,900 Model 3 vehicles and 12,100 Model S and X SUVs.
The results reported Wednesday follow two consecutive quarters of profitability that were fueled by sales of the Model 3. Tesla reported a $139 million profit in the fourth quarter and in October posted its first profit after seven consecutive quarters of losses.
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