Tesla, the revolutionary company that brought practical electric battery-powered vehicles to mainstream is running into problems. The California, USA-based outfit just announced its earning reports for the first quarter of 2019 and it turns out the company blew away $702 million in losses during the first three months of the year.
This is not Tesla’s biggest loss yet as it lost $718m in the second quater of 2018. Tesla informed investors not to panic as it will soon be able to start turning around its fortunes for good when electric cars penetrate more markets.
Billionaire founder and CEO of Tesla Elon Musk blamed the poor results on the “less than glowing trend for profitability in car manufacturing” and also said in a statement Wednesday, that as soon as the “impact of higher deliveries and cost reduction take full effect,” Tesla is expected “to return to profitability in Q3 and significantly reduce our loss in Q2.”
The company predicts it will deliver up to 100,000 vehicles between the next three months of April and June 2019.