Company also announces departure of chief technology officer
Tesla
has reported a bigger-than-expected loss of $408m (£327m) in the second
quarter and said its chief technology officer JB Straubel will step
down.
Despite a record delivery of 95,356 cars in the quarter, Tesla’s
revenue also disappointed forecasts. The shares of the Palo Alto,
California-based company fell more than 11 per cent in after-hours
trading on Wednesday.
Chief executive Elon Musk said Tesla expects to break even this
quarter and turn a profit in the last three months of 2019, after
successive losses in the first half of the year.
Mr Straubel, a Tesla veteran who pioneered its electric
batteries, will become a senior adviser. His departure completes the
replacement of long-standing senior executives at the top of the
company.
Mr Straubel will be replaced by one of his subordinates, Drew Baglino.
