Elon Musk is known, among other things, for being overly optimistic when he talks about the projects in his hands. The income accounts, however, show another reality. Tesla again lost money in the first quarter of the year due to the difficulties that the electric car manufacturer is about to distribute the utility of the model 3.
The performance is considerably worse than expected: between January and March, the company based in Palo Alto (California) recorded a negative income statement of 670 million dollars. It is 15% lower than a year ago, but it contrasts with the profit of 210 million recorded in the fourth quarter of 2018. The bottleneck is also reflected in revenues: + 33% at year, at 4,540 millions, but suffer a 37% reduction when the immediately preceding quarter is taken as a reference.
Losses are attributed, on the one hand, to lower demand for its vehicles in the United States after the price adjustment and Tesla has exceeded the production threshold which allows future owners of their vehicles to benefit from credits. ;tax. On the other hand, as warned by publishing first quarter sales, the problems also come from abroad, with great difficulty in the distribution of its Model 3 in Europe and China, two of its reference markets.
Tesla recorded a 31% drop in deliveries in the first section of the year, to 63,000 units. Of this total, around 50,900 correspond to the Model 3. The rest came from the Model S sedan and the Model X SUV, which were also lower than the fourth-quarter registrations. Production contracted slightly over 10%, so Musk's catalogs are "unexpected logistic problems".
In the conference with the analysts at the time of the presentation of the results, the head of the automotive company completed the reflection by saying that people do not like buying cars in winter. But investors are paying close attention to the evolution of demand to understand how it can return to profitability and sustain profits. Tesla, although he has an advantage, begins to face increasing competition.
It also closely follows the liquidity available to continue to increase the size and start production of the compact Model Y SUV as well as the electric truck. Last month he repaid $ 920 million in debt, to which another $ 180 million will soon be added. To reduce costs, he recently announced layoffs. Tesla is building a factory in Shanghai.
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