Cars Tesla announces record £523m loss

12:11  10 may  2018
12:11  10 may  2018 Source:

Tesla shares plummet but Musk dismisses losses

  Tesla shares plummet but Musk dismisses losses Tesla shares plummeted after CEO Elon Musk called an analyst a "boring bonehead" as he answered questions about a record net loss. Shares fell 5% - about £1.8bn - in after-hours trading in the seconds after the electric car company chief dismissed Bernstein analyst Tony Sacconaghi's question about capital requirements.Mr Musk, who is also CEO of private aerospace manufacturer SpaceX, said: "Excuse me, excuse me. Next, next. Boring bonehead questions are not cool. Next.

Tesla has reported a record 0m (£ 523 m ) net loss in the three months to March, with the company blaming on-going Model 3 production issues.

Tesla announces record £ 523 m loss . New hardcore 617bhp BMW M5 variant leaked online. New 2019 Kia Niro EV revealed at International Electric Vehicle Expo.

Tesla Model 3 - front static © David Bush Tesla Model 3

Tesla has reported a record $710m (£523m) net loss in the three months to March, with the company blaming on-going Model 3 production issues.

However, Tesla CEO Elon Musk has insisted the company can turn its woes around and post profits later this year – possibly as soon Q3 2018.

“It’s high time we became profitable,” said Musk. “The truth is you’re not a real company until you are [profitable]. That’s our focus right now.”

Related: Tesla 'has to grow up,' says analyst (CNBC)

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Tesla announces record £ 523 m loss . LEAVE A REPLY Cancel reply. Please enter your comment! No fatalities ever recorded in a Volvo XC90 in the UK.

Tesla is striving to produce more cars as questions mount about its financial situation. The company posted a record quarterly loss of almost 0m (£ 523 m ) for the three months to March – more than double the same period last year.

In 2016, the company built a total of 101,312 vehicles. But in recent months it has fallen short on production of its ‘mass market’ Model 3 – a BMW i3-rivalling small electric car with a range of more than 300 miles.

In April the company was forced to suspend Model 3 production completely, which impacted heavily on the 500,000-strong order bank. Just 9,800 Model 3s were assembled between January and March 2018.

The company has said it wants to build 5,000 Model 3s per week within the next two months, however, which Musk insists would put the company back in the black. The Tesla boss claimed the business will be profitable by the second half of this year.

Tesla Model X © Tesla Tesla Model X

Musk realised Tesla’s mistakes and said: “We made the mistake of adding too much automation too quickly”.

Tesla says top vehicle engineer Doug Field is 'taking time off' amid Model 3 production woes

  Tesla says top vehicle engineer Doug Field is 'taking time off' amid Model 3 production woes Tesla's senior vice president of engineering, Doug Field, is leaving the company for an unspecified time.Late Friday, The Wall Street Journal and Bloomberg reported that Field wasstepping back from his duties at Tesla, amid ongoing production problems with its Model 3 sedan. A Tesla spokesperson told CNBC that "Doug is just taking some time off to recharge and spend time with his family. He has not left Tesla.

Elon Musk has revealed that the Tesla Model Y will arrive in early 2020, rescheduling initial plans to bring the next member of the Tesla line-up to market at some stage in 2019.Revealed during a heated investors earnings call during which the firms record £ 523 m loss set the tone, Musk stat.

The day after Elon Musk sent a Tesla Roadster to space in the first test flight of SpaceX's new rocket, his electric car company chalked up a less impressive record . Tesla Inc. announced its biggest-ever quarterly loss Wednesday, a whopping 5.4 million loss for the quarter ending Dec.

The CEO’s associated SpaceX company recently sent a Cherry Red Tesla Roadster into space, while also conducting a successful test of the Falcon Heavy Rocket. In response to this, Musk said: “If we can send a Roadster to the Asteroid Belt we can probably solve Model 3 production.”

Despite the current turmoil, Tesla plans to also introduce a smaller Model Y SUV from 2020.

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Tesla Is Said to Lose Energy Leaders as Musk Reorganizes .
Tesla Inc.’s energy unit has lost two major executives as CEO Elon Musk promises to reorganize the electric-car maker’s management team, according to people familiar with the matter. Arch Padmanabhan, the product director for Tesla’s stationary storage unit, and Bob Rudd, a former SolarCity vice president who led North American commercial and utility sales, have both left the company, said the people, who asked not to be identified because they aren’t authorized to speak publicly. Tesla didn’t immediately comment on the departures. Padmanabhan said he’s working on a new venture and declined to elaborate.

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