Tesla reports $702m quarterly loss

Elon Musk Tesla announcement

The company said, however, it had "sufficient cash on hand" - $2.2 billion by the end of the quarter.

Tesla Inc lost $700 million in the first quarter but predicted it would return to profit in the third quarter as it cuts costs and improves delivery after facing issues ramping up shipments outside the United States.

Shares were little changed in the extended session and are down over 20 percent so far this year.

"There is some merit to raising capital", said Chief Executive Elon Musk on a call discussing the results.

He also said he would prefer Tesla to be private but "that ship has sailed".

Tesla, however, affirmed its outlook of delivering 360,000 to 400,000 vehicles in 2019 and said it may produce as many as 500,000 vehicles in the year if its Gigafactory in Shanghai reaches volume production in the fourth quarter.

The electric auto and battery maker said it would return to profit in the third quarter.

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Musk said that global deliveries were "the most hard logistics problem" he had ever seen. "I continue to see a very volatile 2019 for Tesla and its shares", Anwar said.

Tesla waited more than an hour after markets closed on the east coast to report disappointing earnings, markedly later than past reports that have previously occurred within the first half hour of the market close.

"With the recently announced product improvements on Model S and Model X, as well as continued expansion of Model 3 globally, we expect our order rate to continue to increase throughout the year as our production levels increase", the company said in its report.

Tesla said this month that Model 3 deliveries had fallen from 63,150 to 50,900 because of troubles shipping the cars to their overseas destinations.

The $702 million loss was higher than analysts forecast for the company, slightly less than the figure reported in the same quarter one year ago and a stark departure from two straight quarters of profits.

Excluding one-time items and stock-based compensation, Tesla lost $2.90 per share, worse than Wall Street estimates.

The company lost $4.10 per share from January through March, when overall deliveries fell 31 percent from the fourth quarter.

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