Tesla lost more than $ 1 billion in 2019, chief technology officer resigned

Tram Ho

Q2 / 2019 Tesla lost 408 million USD.

Tesla has just reported its financial results in Q2 / 2019, with the highest number of cars shipped ever. However, electric car manufacturers still lost USD 408 million. In the first quarter, Tesla lost 702 million USD, making the first quarter of 2019 this company lost more than 1 billion USD.

Tesla also had a bad news, that was the technology director who worked for 15 years at the company, JB Straubel just resigned. CEO Elon Musk said: “I want to thank JB for his contributions to Tesla. If we don’t sit down for lunch together in 2003, Tesla basically didn’t exist. ” Straubel is not the co-founder of Tesla, but has always been considered by Elon Musk to be the most reliable partner since the early days of the company’s founding.

Tesla thua lỗ hơn 1 tỷ USD trong năm 2019, giám đốc công nghệ từ chức - Ảnh 1.

Tesla’s revenue in Q2 / 2019 reached USD 6.3 billion. Of the $ 408 million loss, $ 117 million was due to restructuring costs related to layoffs and shop closures. Tesla also said it ended Q2 / 2019 with $ 5 billion in cash, the highest in company history.

Tesla also acknowledged that sales of Model S and Model X models have declined. However, this is understandable after Tesla launched a cheaper electric model, Model 3. Although the number of cars sold increased, Tesla’s profit margin is declining, from 20.2% in Q1. 18.9% in Q2.

Tesla thua lỗ hơn 1 tỷ USD trong năm 2019, giám đốc công nghệ từ chức - Ảnh 2.

Tesla’s revenue and profit (loss) over the quarters.

The Model 3 is the world’s best-selling electric car in 2018, helping Tesla make its first profitable history. For the whole year, Tesla sold 250,000 units, doubling the company’s sales so far.

Even so, 2019 is still a sad year for Tesla and Elon Musk. The company had to lay off 7% of employees in January 2019, a move that CEO Elon Musk said “hopefully never have to do it again”.

After that, Tesla continued to lay off his employees and shut down the showrooms and retail stores. This is an attempt to cut the cost of Model 3.

In 2019, Tesla aims to ship from 360,000 to 400,000 vehicles. Because the first quarter has been delayed, Tesla will have to continue to maintain the terrible productivity of Q2 until the end of the year. This means that Tesla’s workers will have to work continuously, overtime, to meet the goal set.

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Source : Genk