The first quarter of 2019 was not kind to the electric giant as tesla braced for a whopping $702 million loss in Q1. Despite reporting back to back profits in 2018, the company seems to have lost a bit of it’s balance this year as delays in production paint a gloomy picture for investors.
Many analysts also predict Tesla having exhausted the demand for its model 3, despite Elon musks assurances otherwise. The billionare believes that the reason was not lack of demand but of affordability. In order account for the decrease in the price tage, the company had to close down a few stores and lay off a number of employees.
The company has made headlines with very little intermissions, and usually for not the right reasons. While complaints of delays in deliveries and the logistics hell it was going through, Musk was fighting a battle of his own. His infamous spat with the Securities and exchange Commission led him to defend himself at the courthouses of Manhattan, where he was told to come back with his “reasonable pants on”.
The friction was also the cause of Musk losing his chairmanship of the company and a slap of $20 million.