Tesla recorded and has reported a loss of $702m for the first three months of this year and is also predicting another loss for the three months after – the second quarter.
However, the electric car and battery maker is confident that it would return to making a profit in the third quarter.
In March, Tesla ended with $2.2bn in cash, this is a reduction of $1.5bn in three months, largely down as Tesla repaid a $920m bond.
The firm reported that it still had planned on delivering 360,000 to 400,000 vehicles in 2019.
The company said in a statement, “As the impact of higher deliveries and cost reduction take full effect, we expect to return to profitability in the third quarter and significantly reduce our loss in the second quarter.”
An equity analyst at Hargreaves Lansdown, Nicholas Hyett said, “Given the less than glowing trend for profitability in car manufacturing, it’s perhaps no surprise the company has sought to turn attention back to technology and other potential sources of revenue.”
And yesterday, Elon Musk, Tesla chief executive said that he expected the firm to have self-driving “robotaxis” on the road by 2020.
The entrepreneur made the vow as he announced an improved microchip for its driverless vehicles.
Elon Musk told investors that he expected regulators to approve ride-hailing in some areas for autonomous vehicles.
And he also added, “I feel very confident in predicting autonomous robotaxis next year.”