Tesla's stock price closed Tuesday at a two-year low as new details emerged about the company's financial condition.
An empty Tesla retail store in Brooklyn, N.Y. Chief Executive Elon Musk is closing stores in favor of online sales, one way to preserve precious cash. released last week didn’t mention that the automaker’s revenue included $200 million collected from regulatory credits. When Chief Executive Elon Musk answered questions from analysts, he didn’t point that out, either.
Operating cash flow turned negative — a net $640 million going out the door over the three months compared to a positive $1.23 billion in the previous period. Cash on hand dropped from $3.69 billion at the end of last quarter to $2.2 billion, including $920 million to pay off convertible bonds.said in his note. And, he warned, it is likely that Tesla’s average selling price will fall as cheaper Model 3s come online.
Musk blamed falling auto sales in part on difficulties the company encountered shipping cars to Europe and China. Musk told analysts Wednesday the company will deliver at least 90,000 cars in the second quarter, although it will continue to lose money until the third quarter.
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