Tesla announces $702-million quarterly loss

After posting back-to-back profits in 2018 for the first time ever, Tesla has announced that it has lost $702 million in the first quarter of 2019.

In an official filing, Tesla said that a key reason for the substantial loss was that the company suffered unforeseen issues with Model 3 deliveries.

“As noted in our Q1 2019 Vehicle Production & Deliveries letter, due to unforeseen challenges, we had only delivered half of the quarter’s numbers ten days before the end of the quarter,” said Tesla.

It added that this caused a large number of vehicle deliveries to shift into Q2 2019.

Tesla also announced that it produced about 63,000 Model 3 vehicles in the past quarter, which is about 3% more than the company produced in the fourth quarter of 2018.

Tesla said it expects to deliver between 90,000 and 100,000 vehicles across all models in Q2 2019, and if its Gigafactory in Shanghai is able to reach its volume production early in the fourth quarter, the company may be able to produce 500,000 vehicles globally by the end of 2019.

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Tesla announces $702-million quarterly loss