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Tesla Share Crashes On The Stock Exchange

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Tesla Share crashes on the Stock Exchange after an unexpectedly Large Loss. Automaker Tesla went down on Wall Street on Thursday.

 

The share price of Elon Musk’s company fell around 4 p.m. by 14.4 percent to 227.29 dollars per share.

The share opened considerably lower due to disappointing quarterly figures.

Tesla announced on Wednesday after trading hours that the company suffered a net loss of more than 400 million dollars in the second quarter.

This loss came unexpectedly, as the automaker sold a record number of vehicles in the second quarter.

Tesla delivered 95,200 cars and produced 87,048, and the company announced in early July.

Following the announcement of the quarterly figures, Musk CEO said he expects Tesla to be profitable in the third and fourth quarters,

 but that the emphasis will be on production in the coming period.

In addition to the worse-than-expected quarterly figures, Tesla also announced that Jeffrey Straubel,

 the pioneer of Tesla’s batteries, will resign as technical director and continue as a consultant for the company.

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