Tesla Inc. is that company which is trying to get ahead of its competitors in self-driving technology, and in fact, it’s succeeding in it, but that doesn’t mean Tesla is earning the right amount of money. According to company’s latest Q1 report, it’s been found that Tesla Inc. hasn’t been met upto investors and analysts prediction. The first earning quarter of Tesla is out, and it shows a different picture of a company which many people did not expect. Tesla has booked a loss of $2.90 per share as compared to analysts prediction of $0.90 only.
Tesla’s executives had already warned about this results when company lost its input tax credit which could have saved lots of money. Tesla is trying its best to develop new technology which will enable it to complete the mission of producing a fully self-driving car by the end of this year. The report further shows us that Tesla managed to earn a revenue of $4.54 billion as compared to a prediction of $5.19 billion.
However, this is not the bad news which company has bought for its investors. Top executives have said that they are expecting a further loss in an upcoming quarter also, so those investors who were hoping for a piece of good news eventually did not get at all. Currently, the automobile sector is going through some massive changes because of new entries from old and established companies. As a result of this bad earnings report shares of Tesla went down by two percent leaving investors with lots of questions. Currently, Tesla is facing an issue of earning less amount of money because of slow demand if its electric cars in the market. Trade war, on the other hand, has also brought down Tesla’s profit.