Tesla lost a billion dollars in a year

Tesla lost a billion dollars in a year

January 31, 2019 0 By autotimesnews

For two years, the company’s losses amounted to 2.85 billion dollars

Last year, Tesla lost $ 976 million. At the same time, the total revenue of the manufacturer reached $ 21.4 billion, which is 82 percent more than in 2017. Such data are contained in the financial report on the results of the company.

According to Tesla head Elon Musk, in the summer of 2018, the company was close to bankruptcy. Experts predicted that by August the manufacturer would completely exhaust the stock of funds: at that time, Tesla was “burning” money at a speed of 480 thousand dollars an hour.

However, the measures taken by the board of directors, as Musk specified, made it possible to rectify the situation. In particular, the staff was reduced, free access to branded charging stations was canceled and the referral program was terminated. Due to these measures, Tesla earned $ 139 million in the fourth quarter.

In the fourth quarter of 2018, Tesla supplied customers with 63,359 copies of the Model 3, as well as more than 27,000 Model S and Model X. In January 2019, the production of the Model 3 began in Europe and China. Peak production of the most affordable electric car brand in certain periods reached seven thousand cars a week. A total of 2018 Tesla sold 239,475 electric cars.

Musk promised that every next quarter would be profitable for Tesla. He also expects a 50 percent increase in production and sales. In addition, by the summer there should be a new model of the brand – pickup.