Tesla posts $282.3M loss in the first quarter; 2 top executives leaving

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Nathan Andrada – Fourth Estate Contributor

Palo Alto, CA, United States (4E) – Electric automaker Tesla reported on Wednesday an adjusted loss that was narrower than analysts expected, but the report almost was overshadowed by news that two of the company’s top manufacturing executives are planning to leave the company.

Using standard generally accepted accounting rules, Tesla posted a first-quarter loss of $282.3mn, compared with a $154.2mn loss in the year-go period.

Revenue stood at $1.15bn — up from $ 939mn in the year-earlier quarter — or $1.6bn excluding some items. The adjusted sales figure was in line with Wall Street’s estimates.

Recently, Tesla’s progress toward profitability has been hit by comparatively low-volume sales and several problems with the new Model X SUV’s rear seats. The Palo Alto-based car maker shipped 50,000 vehicles last year, or around the number of Ford F150 pickups that sell every month.

On a conference call, Chief Executive Elon Musk said that Tesla will work to become the world’s best manufacturer, and attempt to meet its production targets with the new Model 3.

Tesla also confirmed on Tuesday that vice president of production Greg Reichow and vice president of manufacturing Josh Ensign were leaving the company.