Tesla reports first-quarter losses, more to come

April 24, 2019

(Reuters) – Tesla Inc on Wednesday reported a $700 million loss for the first quarter and said it would also lose money in the second as it struggled to deliver cars to customers and launched a cheaper version of its Model 3 sedan.

The company said it ended the quarter with just $2.2 billion in cash, after paying off a $920 million convertible bond obligation in March.

(Reporting by Vibhuti Sharma in Bengaluru and Alexandria Sage in San Fransisco; Editing by Arun Koyyur)

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