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Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Elon Musk tells Tesla employees breaking even in Q2 will be tight

Tesla is trying to avoid a quarterly loss despite its Fremont, California, factory being shut down for nearly two months due to coronavirus restrictions. The company also has a plant in China.

June 30, 2020 / 08:25 AM IST

With one day left before the second quarter closes, Tesla CEO Elon Musk is telling employees that prospects for the company breaking even for the three-month period are tight, and he's asking them to go all-out to make it happen.

Tesla is trying to avoid a quarterly loss despite its Fremont, California, factory being shut down for nearly two months due to coronavirus restrictions. The company also has a plant in China.

In an email message Monday to the company's workers, Musk wrote that it “really makes a difference for every car you build and deliver.” Tesla had about 48,000 workers at the end of last year.

Tesla is expected to announce its quarterly deliveries on Thursday, but has not set a date to release its second-quarter financial numbers.

The electric car and solar panel company is cranking out the new Model Y smaller SUV as it tries to break even or make money. Many owners, though, have reported on forums and social media that their vehicles were delivered with mismatched paint or poorly fitting body panels. While some rejected the vehicles, many others wrote that their Model Ys were flawless.

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In the first quarter, the Palo Alto, California, company eked out a $16 million net profit, its third-straight profitable quarter.
PTI
first published: Jun 30, 2020 08:17 am

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