With the $35,000 Model 3, Tesla and Elon Musk came through with one big promise. But now let's talk about profitability...
Musk walked back his goal of being thinly profitable in the first quarter and in the black in every quarter thereafter in a conference call Thursday, saying Tesla will not be profitable this quarter and that it is only “likely” that it will be in the black in the second quarter. Tesla TSLA, +1.63% shares, which were halted ahead of the official announcement, fell 3.3% in the extended trading session Thursday afternoon.
“I wish there was some other way, but unfortunately it will entail some reduction in force on the retail side,” Musk said in the call, in which he also suggested that sales in states that had blocked Tesla’s direct-sales model could get a boost from moving to an online-only model.
“We first need to assess how many of the longtime reservation holders want the $35,000 car,” Musk said, before promising that customers who order the car now without a reservation would get it before tax credits diminish more at the end of June.Jessica Caldwell, executive director of industry analysis at Edmunds, was not optimistic about demand Thursday.
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