Although Tesla has produced and delivered more cars than expected, the American company still lost $408 million during Q2 2019. In light of this, the CTO has left the company after 15 years to move to the role of Senior Consultant.
According to reports published by Tesla at the Securities and Exchange Commission, the operating loss of Q2 2019 is markedly better than the $702 million it lost in the first quarter of 2019. However, this means that the Model 3 has not yet been successful enough to lift the company from the red light for good.
In addition to communicating the umpteenth loss, Tesla also announced that JB Straubel, the company’s CTO for 15 years and responsible for its technology, has decided to resign from his position and move to the role of Senior Consultant. “I would like to thank JB for his key role in the creation of Tesla,” said CEO Elon Musk. “If we hadn’t had lunch together in 2003, Tesla would not exist.”
The record quarter helped the company generate $6.3 billion in revenue, while at least $117 million of the current loss was attributed to restructuring expenses related to layoffs and closures of some physical stores. Tesla also announced that it closed the quarter with $5 billion in cash, the highest level in the history of the American manufacturer. However, it is also true that a large part of the result was achieved thanks to a capital increase of $2.7 billion that took place last May. “We believe that our business has grown to the point of being able to finance itself,” said the company.
Will it really be?