Tesla lost $702 million in the first quarter of 2019, after posting back-to-back profits for the first time ever to finish out 2018, the company announced in an official filing Wednesday. CEO Elon Musk had predicted Tesla would slide back into the red on a February 28th call with the media.
The company also announced that it doesn’t expect to turn a profit in the second quarter, either. Musk had previously guessed that Tesla would return to profitability for good starting this quarter. Tesla finished the quarter with $2.2 billion in cash on hand, a decrease of $1.5 billion from the end of 2018 — though $920 million of that was used to pay debt that came due in March. ($768 million of that cash is customer deposits.)
The loss is a sign…
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