Elon Musk envisions a glorious future when fleets of Tesla robo-taxis earn money for Tesla owners and make all other automobiles instantly obsolete. So far this year, however, Tesla’s financial situation looks bleak.
Elon Musk envisions a glorious future when fleets of Tesla robo-taxis earn money for Tesla owners and make all other automobiles instantly obsolete. The future, he said in a presentation this week, starts next year.The company reported Wednesday that automotive revenue in the first quarter fell 41% to $3.7 billion from $6.3 billion in the previous quarter, a far steeper drop than expected for sales of all its electric-cars — the Model S, the Model X and the Model 3.
Operating cash flow turned negative — a net $640 million going out the door over the three months versus a positive $1.23 billion in the previous period. As recently as January, with the decline in Tesla sales underway, Musk told analysts he was “optimistic” about a first-quarter profit. “Not by a lot, but I’m optimistic about being profitable in Q1 and for all quarters going forward,” he said then.
Where the money for such projects will come from is unclear. Musk was asked why he doesn’t raise money through a debt or equity sale. Musk said he’d rather focus on efficiency first. “I don’t think raising capital should be a substitute for making the company operate more effectively,” he said. “I think it’s healthy to be on a Spartan diet for a while.”
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