Though aggressive in their self-driving cars campaign and determined to actively making efforts to market automated cars as the future of driving, Tesla continues to sustain hit after hit against its financial status, as reports indicate that Tesla had actually lost $494 million in the beginning of the year lone.
The article in the Irish Times reads:
“Tesla posted an adjusted loss of $2.90 a share for the three months ended in March, missing analysts’ average estimate for a $1.30 deficit. A record drop in quarterly deliveries snapped the company’s two quarters-long streak of positive earnings.
“Tesla shares rose 2.1 per cent to $264.05 as of 5.30pm on Wednesday in New York, after the close of regular trading.”
Their stocks have also dropped down to 22 percent this year.
Despite this, chief executive Elon Musk says that the company could still turn the situation around by relying on the higher deliveries and cost cuts put into place to fight back the losses, at least for now. The effects of these efforts are predicted to be present at three months from now.
This has not deterred Tesla’s staunch devotion to flooring it when it comes to their automation ambitions, as Musk announces that though the losses are a glaring problem for the company, they are still determined to “seek more funds” if only so they could continue to work on deploying more self-driving cars, this time, with hopefully effectively teaming up with a shared service next year.
Even then, Musk exercises caution this time around.
Before, the company had been confident that it was just all going to be positive per quarter, but with these new challenges, Musk has said the company’s stance right now is at least remain in the “neutral” territory; at least until they are able to bring their fleet of self-driving cars into completion.