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Factors Behind Tesla’s Huge Losses

Tesla posted a loss of $702 million for the first quarter.

“The loss for its second-quarter would be “significantly” a smaller amount,” Elon Musk led Tesla said.

Why Tesla Lost $700 Million – Here’s The REASON
Why Tesla Lost $700 Million – Here’s The REASON

Elon Musk-led American automotive and energy company Tesla posted a loss of $702 million for the first quarter.

The company said, the loss for its second-quarter would be “significantly” a smaller amount.

The Tesla also said, it will return to profit mode in the third quarter.

Factors behind large losses.

Tesla reported a loss of $702 million for the first quarter after lower than expected delivery numbers.

After 10 years in the market, Tesla ranked as the world’s best-selling plug-in passenger car manufacturer in 2018, both as a brand and by automotive group, with 245,240 units delivered and a market share of 12% of the plug-in segment sales.

Tesla vehicle sales in the U.S. increased by 280% from 48,000 in 2017 to 182,400 in 2018, and globally were up by 138% from 2017.