Tesla needs more time to turn profit; founding engineer steps down
Updated : July 25, 2019 08:49 AM IST
A quarterly loss was deeper than expected, and despite record deliveries in the quarter, revenue came in lighter than analysts' expectations.
Shares fell 11.5 percent after hours and extended losses after the announcement about Straubel, a founding engineer who will become a senior adviser.
Under pressure to meet his repeated promises to make Tesla sustainably profitable, chief executive Elon Musk is trying to contain costs while still spending on major initiatives from a Shanghai factory and assembly-line to upcoming models such as the Model Y SUV and a Semi commercial truck.
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