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Cars Tesla announces record £523m loss

12:11  10 may  2018
12:11  10 may  2018 Source:   autoexpress.co.uk

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. 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.

Tesla is striving to produce more cars as questions mount about its financial situation. The company posted a record quarterly loss of almost 0m ( £ Tesla said it would cut capital spending this year to less than bn as it focuses on "near-term needs". Elon Musk's firm also told investors that it will

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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  Nadal unfazed by losing number one status Rafael Nadal said being happy and fit is much more important than being top of the rankings after his loss to Dominic Thiem.Rafael Nadal insists he will not lose any sleep over relinquishing top spot in the rankings and vowed to play with more aggression after Dominic Thiem ended his record run at the Madrid Open.

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.However, Tesla CEO Elon Musk has insisted the company can turn its woes around and post profits later this year

Tesla reported its Q1 2018 earnings today, posting adjusted losses of .35 per share with revenues of .4 billion. This is technically a beat, as analysts expected Tesla to report a loss of .48 a share with revenues of .22 This quarter, Tesla ’s net losses were a record 4.6 million (.19 per share).

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.

Tesla is striving to produce more cars as questions mount about its financial situation. The company posted a record quarterly loss of almost 0m ( £ Tesla said it would cut capital spending this year to less than bn as it focuses on "near-term needs". Elon Musk's firm also told investors that it will

Watch: Tesla 's Musk Announces 'Thorough Reorganization' Amid Executive Defections (Bloomberg). 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.However, Tesla CEO Elon Musk has

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 .
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