Tesla not profitable in Q1

on Feb28
by | Comments Off on Tesla not profitable in Q1 |

Tesla boss Elon Musk (L) walks with Shanghai Mayor Ying Yong during the ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019. - Musk presided over the ground-breaking for a Shanghai factory that will allow the electric-car manufacturer to dodge the China-US tariff crossfire and sell directly to the world's biggest market for 'green' vehicles. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images)

Tesla boss Elon Musk (L) walks with Shanghai Mayor Ying Yong during the ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019. – Musk presided over the ground-breaking for a Shanghai factory that will allow the electric-car manufacturer to dodge the China-US tariff crossfire and sell directly to the world’s biggest market for ‘green’ vehicles. (Photo by STR / AFP) / China OUT (Photo credit should read STR/AFP/Getty Images)

Tesla CEO Elon Musk does not expect the electric car maker to turn a profit in the first quarter, he said on Thursday.

He based his expectations on one-time charges and other financial commitments, and added that he does expect the company to be profitable in the second quarter.

Shares fell more than 3 percent Thursday night.

The company announced it will sell is long-promised $35,000 version of the Model 3 mid-size sedan.

This story is breaking news. Please check back for updates.



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