Tesla Lost $568M in the Last Three Months
Tesla has announced its first quarter 2018 earnings.
The company posted revenue of $3.408 billion, resulting in a net loss of $3.35 per share. Still, that beats analysts’ estimations of around $3.3 billion in revenue and $3.54 net loss per share. Tesla said automotive sales were up 19 percent year-over-year at $2.74 billion, while its energy business saw 92-percent growth to $410 million. Although gross profit from automotive improved compared to last year to 19.7 percent, it’s down from 27.4 percent a year prior.
Still, Tesla is adamant it will be profitable on a GAAP basis by as soon as next quarter, if it’s able to reach its goal of making 5,000 Model 3 vehicles per week. The automaker believes it will hit that mark “in about two months.”
SEE ALSO: Sell Your Tesla Shares: JP Morgan
Production of the Tesla Model 3 reached 2,270 units in seven days in April. It marked the third straight week of production over 2,000 units. A total of 8,182 Model 3 vehicles were delivered in the first quarter of 2018, while it produced 9,766 units.
For this quarter, Tesla said it will shut down production for a total of 10 days “to address bottlenecks across the lines and increase production to new levels.” Model S and Model X deliveries as expected to be similar to the first quarter of 2018, but will ramp up in the third quarter. Tesla still plans on hitting its goal of 100,000 deliveries in 2018.
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
More by Jason Siu
Comments
Join the conversation
OK this is clear indication they are circling the drain. it's safe to be the first to call it: They will not last.