Tesla Suffered Huge Losses, But Icreased Its Turnover In Q1

Today Tesla has published its financial report for the first fiscal quarter of 2018. The losses of the American automaker have more than doubled, but the turnover is more than expected, the Deutsche Welle reports.

Tesla lost about 710 million dollars in comparison with last year’s figure of 330 million. Bloomberg specialists calculated that the company would not have any money, if not attract additional finance. According to their data, Tesla incurs losses of 6,500 dollars every minute.

At the same time, there is a positive: despite the forecasts, the turnover for the quarter increased by 26% to 3.4 billion dollars. Elon Musk believes that by the end of 2018 the company will become profitable.

In summer, the volume of production of the Model 3 will increase to 5,000 cars a week. In the last week of March, 2,020 units went off the assembly line, and in the last week of April – already 2,270.

The Model 3 is the budget version of the more expensive Model X and Model S. Its price starts from 35,000 dollars.

Photo: 2018 Tesla Model 3

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