Struggling to solve quality problems with its first two models while getting ready to launch the all-new Model 3, Tesla Motors rolled up another deficit for the first quarter of 2016, but the losses narrowed, taking industry analysts by surprise.
The battery-electric automaker said it went $282 million into the red for the first three months of the year, or $2.13 a share. Excluding one-time items and using so-called non-GAAP accounting, the lose shrank to $75 million, or 57 cents a share, which was better than Wall Street had forecast, according to a survey of analysts by S&P Global Market Intelligence.
Finances were all but the secondary topic during a teleconference featuring Tesla founder and CEO Elon Musk and other senior executives. Much of the session focused on the upcoming Model 3 launch as well as efforts needed to resolve Tesla’s ongoing quality and reliability issues.