Tesla’s surprisingly weak electric-car deliveries in the first quarter took a heavy toll on its bottom line. The loss, equivalent to $4.10 per share, was far greater than the $1.81 per share that Wall Street analysts, surveyed by FactSet, had forecast. Tesla had $2.2 billion of cash at the end of the first quarter, a 40 percent decline from the figure at the end of last year. The company said logistical challenges had hindered deliveries of the Model 3 sedan to Europe and China. A reduction in a federal tax benefit for Tesla’s buyers may have weighed on Model 3 sales in the United States.

Source: New York Times April 24, 2019 21:41 UTC