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Tesla closed the quarter with a record loss

UNITED STATES (OBSERVATORY) –┬áNet loss of the US manufacturer of electric vehicles and solar panels Tesla Inc. in January-March increased to $ 709.6 million, or $ 4.19 per share, compared to $ 330.3 million, or $ 2.04 per share, for the same period a year earlier. Adjusted loss (excluding one-time incomes and expenses) was $ 568 million, or $ 3.35 per share, compared to $ 215 million, or $ 1.33 per share, a year earlier.

At the same time, revenue increased to $ 3.41 billion from $ 2.7 billion, according to a company press release.

Analysts polled by FactSet on average predicted an adjusted loss of $ 3.54 per share on revenue of $ 3.28 billion.

During the conference call, which lasted more than an hour, the company’s chief executive Elon Musk announced that Tesla plans to reach a profitable level in the second half of this year. He also said that the company has made a big step forward in the production of Model 3 and that it has high hopes for Model Y – the next car in the Tesla line, which will be announced in the second half of the year.

Also I. Mask said that he plans to make public the location of the Tesla plant in China in the near future.
The company plans to make profit on GAAP in the third and fourth quarter, which is mainly based on the planned release of 5 thousand Model 3 per week.

The company reduced the expected capex in 2018 to $ 3 billion from $ 3.4 billion.

Earlier Tesla reported that in the first quarter the production of electric vehicles increased by 40% compared to the previous three months – up to 34,494 vehicles. This is the highest quarterly indicator in the history of the company. In particular, 24,728 cars of Model S and Model X were produced, as well as 9,766 thousand Model 3 cars.

Tesla’s share price on electronic trading on Wednesday fell by 4.6%. The capitalization of the manufacturer of electric vehicles and solar panels in the last 12 months decreased by 5.6%. The US stock index Standard & Poor’s 500 for this period rose by 11%, the Dow Jones Industrial Average – by 14%.