Tesla hit with big loss as car deliveries sputter | 2019-04-26 | daily-sun.com

Tesla hit with big loss as car deliveries sputter

26 April, 2019 12:00 AM printer

NEW YORK: Electric carmaker Tesla on Wednesday announced a heavy loss in the first quarter as car deliveries sputtered overseas and a US tax credit that made its prices more attractive was reduced.

The California-based company reported a loss of $702 million in the first three months of this year after two consecutive quarters of profit, reports AFP.

Tesla produced about 63,000 Model 3 vehicles in the period, an increase of three percent from the same quarter a year earlier but fewer than had been anticipated.

The company attributed its disappointing financial results to Model 3 shipping delays, particularly in Europe and China.


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